OPINION: Gary Gensler's gross SEC overreach
FOX Business senior correspondent Charlie Gasparino speaks to attorney John Deaton about the highly publicized court case on 'The Claman Countdown.'
WASHINGTON, DC - SEPTEMBER 14: Gary Gensler, Chair of the U.S. Securities and Exchange Commission, testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the SEC on September 14, 2021, in Washington, DC.The Securities Act of 1933 lists the types of securities regulated by the SEC, including investment contracts. In 1946, the Supreme Court decided the landmark Howey Test, providing a four-part test determining what constitutes an investment contract.
Since Howey, Congress has failed to pass any new legislation that would directly involve the regulation of crypto. This should mean that it’s Congress’s intent that crypto’s de facto regulator is the CFTC, which has chosen a lighter touch because it fears stifling an emerging technology that blockchain and their digital assets represent. Yet Gensler has used this perceived lack of clarity to unleash a campaign of regulation by enforcement – stretching Howey beyond recognition.
The case is now being heard in Federal Court with Gensler’s lawyers arguing the merits before a skeptical judge that has made a series of rulings in Ripple’s favor . Then there’s the LBRY case, which is also allegedly about a lack of disclosure. This one is Gensler's brainchild involving the digital token LBC and it further underscores Gensler’s intent to anoint the SEC as the primary regulator of crypto.
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