Gary Gensler (Gary Gensler), who previously worked at Goldman Sachs and headed the Commission on urgent exchange trade of the USA (CFTC), and now teaches MIT students the use of blockchain technology in Finance, believes that Ethereum and Ripple may constitute unregistered securities.
In confirmation of his ideas, he cites the fact that the Ether tokens began to be traded in 2014 before Ethereum Foundation launched the main network. However, the issue of tokens of saviti from the miners, and the development of the network is more decentralized.
According to Gensler, a startup Ripple will be more difficult to prove that the XRP tokens are not securities because the company controls a large portion of them and the development of the project.
The expert believes that in the next ten years, the blockchain technology will significantly affect financial system, but in this market will have to change the players.
We will remind that the Commission on securities and stock exchanges of the USA (SEC) conducts a large-scale trial in respect of ICO. It is known that the agenda was sent to divisions of the SEC from new York, Boston, and San Francisco at least 80 people, including crypto currency exchange and hedge funds. The head of the SEC , Jay Clayton (Jay Clayton) believes that the ICO must comply with regulatory requirements as the offering of the securities.
At the same time, the attorney General of the state of new York Eric Schneiderman (Eric T. Schneiderman) in the framework of initiatives dedicated to the integrity of virtual markets, sent 13th largest cryptocurrency exchanges of the requirement to disclose information about their activities on 34 points, including the system of internal control, operations, and measures to ensure the safety of asset users.