Crypto Lawyer Lashes SEC Chairman for Considering ETH Security

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Crypto Lawyer Lashes SEC Chairman for Considering ETH Security

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  • Recently, a crypto lawyer mocked the US SEC chairman Gary Gensler.

  • Previously, Gensler said staking Ethereum tokens makes it a security investment.

  • The crypto lawyer argued that staking involves third parties independent of promoter.

Today, crypto lawyer John Deaton made mocking statements to the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler. Deaton criticized the chairman, saying Gensler would sue even an orange seller if the seller sought additional investment funds from outside investors for their fruit business.

Specifically, the crypto lawyer argued:

Under Gary Gensler’s application of Howey, if an investor took possession of the oranges from his orange grove and worked out a deal with a local grocer to get more money than all the other Howey investors, the orange would still be a security.

Deaton commented while reacting to a tweet that said the chairman of the US SEC considers the act of staking Ethereum token a security contract.

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