TechFlow news, according to Bitcoin.com, Coinbase Chief Legal Officer Paul Grewal recently called out U.S. SEC Chair Gary Gensler on social media, urging him to stop mischaracterizing crypto tokens as securities.
This request came in response to Gensler's statement emphasizing: "Under the interpretation of the U.S. Supreme Court, many of these tokens are legally securities. We follow this law." In reply, Grewal said: "Please stop misleading the market—tokens are not securities. Even though your requests have been disregarded, your own lawyers have already acknowledged this point in court."
Recently, Gensler stressed that although cryptocurrencies represent only a small portion of the overall financial market, they disproportionately contribute to fraud and scams due to noncompliance with securities laws. He also emphasized the necessity of proper disclosure within the crypto sector, particularly regarding tokens classified as securities, arguing that investors are not receiving adequate information.
