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SEC Chair Issues Warning to Crypto Industry
Description
Gary Gensler, chair of the SEC, said Thursday that most crypto tokens are securities and are being issued in violation of federal law. Gensler paraphrased the definition of a "security" by saying, “The investing public is buying or selling crypto security tokens because they’re expecting profits derived from the efforts of others in a common enterprise.” Gensler continued, saying, “These are not laundromat tokens. Promoters are marketing and the investing public is buying most of these tokens, touting or anticipating profits based on the efforts of others.”
Keywords & Tags
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#economic recovery
#crypto mining
#security
#Securities and Exchange Commission
#SEC
#economic growth
#virtual currency
#economic outlook
#Gary Gensler
#crypto tokens
#Issues Warning
#Crypto Industry.
#These are not laundromat tokens
#federal laws
#selling crypto
#buying crypto
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