Opinion: Don't blame Gary Gensler for vague U.S. crypto laws. Just pack up, head for the European Union and leave America's mess behind.
legislation. The regulation acknowledges that utility tokens are not all financial instruments and prescribes clear and practical requirements for disclosure and behavior that legitimate projects are able to follow. The EU defines securities based solely on factors in the control of the issuer, namely the structure of an instrument itself and the way it is marketed. This explains how MiCA so cleanly allows for utility tokens while the U.S. struggles with simply defining them.
As a result of the U.S. paradox, firing Gensler might provide temporary relief, but it would not necessarily solve the problem — which is a lack of clarity and adaptability. There is no guarantee that Gensler’s replacement will necessarily reach a different conclusion. The only comprehensive solution is new legislation that refines the U.S. definition of a security or carves out a separate framework for digital asset issuers and exchanges. Until we see serious efforts at that, a sword of Damocles will forever hang over the U.S. crypto space, always just one election or chair away from being cut.is the co-founder and CEO of Shipyard Software.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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