Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has repeatedly declared in the past that "Cryptocurrencies other than Bitcoin are securities." This classic statement is still heard, but recently he was slapped in the face by netizens digging up old videos. At that time, Gary Gensler Gensler also said: "Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are not securities." Such an inconsistent attitude immediately aroused heated discussion in the community.

An old video from 2018 was circulated on Twitter early this morning (13th), showing that Gary Gensler, who was still teaching at the Massachusetts Institute of Technology (MIT) at the time, made a speech on cryptocurrency at an institutional investor event hosted by Bloomberg and Fidelity. Give a speech on the topic and tell attendees:

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) account for 75% of the cryptocurrency market. Why did I name these 4 currencies? Because they are not securities. Three-quarters of the cryptocurrencies in this market are not securities.​

“Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.” – Gary Gensler

pic.twitter.com/BAjZzbVErB

— Dan Gambardello (@cryptorecruitr) June 12, 2023

It is said that Gary Gensler made the above speech as an "MIT senior lecturer" and "former chairman of the U.S. Commodity Futures Trading Commission (CFTC)" at the time. The timing coincided with the cryptocurrency bull market in 2018 and before Gary Gensler took office as the U.S. SEC. The Chairman is more than two years too early.

In addition, since the U.S. SEC filed a lawsuit against Coinbase and Binance last week, Gary Gensler’s early speeches in class have also been criticized one after another. The contents generally said that "Ethereum is not a security" and "three-quarters of the encryption Currencies are not ICOs or securities”, “They are just a commodity, Cash Crypto”.

The below clip is from a Fall 2018 Graduate MIT course called "Blockchain and Money"

Gary Gensler – the current President of the SEC, was the professor.

The Hypocrisy speaks for itself

"So we already know in the US and in many other jurisdictions that 3/4 of the market… pic.twitter.com/rjRWeq5P8X

— zk- (@ZK_shark) April 25, 2023

However, in April this year, Gary Gensler stated at a hearing that "the vast majority of cryptocurrencies are securities." When asked multiple times "whether Ethereum is a security," Gary Gensler kept saying He was always reluctant to respond directly.

In response to the SEC Chairman’s change of stance, Preston Byrne, a lawyer specializing in the cryptocurrency field, once commented that Gary Gensler’s early remarks were “personal views” and not made as a “government official.” Therefore, the SEC’s current The legal position has no substantive impact.

Still, the comments are likely to anger the cryptocurrency industry and community, who feel that Gensler did not provide clear guidance before launching a tough enforcement campaign against the cryptocurrency industry.

This article was slapped in the face by digging up old videos! The Chairman of the U.S. SEC once said: BTC, ETH, LTC, and BCH are not securities. First appeared on Blockchain.