During this increase in regulatory attention, the Securities and Exchange Commission will continue to declare that all tokens are unregistered securities, which is categorically untrue. Just because this new database technology is able to digitize and tokenize any asset doesn’t mean all such assets are securities. We will see tokens representing everything: an electron on a microgrid, a bar of gold, a carbon offset credit, a software license, a governance right, a concert ticket, a doctor’s prescription, a meme that got very popular in 2010 and then everyone forgot, a fiat currency, and a reward point – none of which should rationally be lumped under securities. That isn’t consumer protection, [SEC chief] Gary Gensler, it’s willful ignorance of new technologies.
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August 22, 2022
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