Chia CEO Faults Gary Gensler’s Blanket Crypto Classification
- The SEC chairman said all digital assets, except Bitcoin will be classified as securities.
- Chia CEO, Gene Hoffman said his company plans to register the XCH token as an equity.
- According to Hoffman, Chia has never sold any of the XCH it owns.
Chia CEO Gene Hoffman has faulted the classification of all cryptocurrencies, except Bitcoin, as securities by Gary Gensler, Chairperson of the Securities and Exchange Commission (SEC) of the United States. Gensler made the classification while answering questions about his agency, including his involvement with Sam Bankman-Fried (SBF), the former chief of the defunct exchange FTX.
According to a report, Gensler maintained his steadfastness over classifying digital assets, even while in close range with stakeholders trying to lobby for a change in regulation. It was reported that he discouraged SBF and others from going on with their proposal for a more relaxed regulatory atmosphere even before they went deep into their presentation.
Gensler’s model of classifying cryptocurrency became a subject of debate for some of the well-known stakeholders in the industry. In a Twitter thread, the Canada-based Bitcoin miner, wi…
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