Attorney Morgan said SEC chairperson Gensler lied by tagging most crypto assets as securities.
Pro-XRP lawyer Bill Morgan has recently slammed SEC Chair Gary Gensler over his comments on the legal status of altcoins (alternative cryptos other than Bitcoin).
Recall that Gensler reiterated that most cryptocurrencies other than Bitcoin (BTC) are securities. Industry leaders believe the statement is part of Gensler’s plan to make the SEC the primary regulator for the crypto industry.
Gensler’s remarks have continued to attract backlash from crypto enthusiasts, with several individuals asking the former investment banker to disclose how he concluded. However, Gensler has so far failed to indulge these requests.
In a tweet on Tuesday, attorney Morgan asserted that the SEC boss lied by saying that most crypto assets other than Bitcoin are securities.
The SEC doesn’t know how many are digital asset securities because the SEC could not possibly have investigated 20,000 digital assets. Gensler saying all cryptos other than Bitcoin are securities is just lies. His SEC attorneys could not have advised him to make such a statement https://t.co/gOz17BLqMm
— bill morgan (@Belisarius2020) May 30, 2023
Per Morgan, the SEC has no idea about the number of digital currencies that constitute securities because it is impossible for the commission to analyze over 20,000 cryptocurrencies to determine the assets that fall under its regulatory purview.
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