June 13, 2023
I think filings like this make it clear that gensler makes up his own rules as he goes along, leading the SEC down whatever political road he wants. Gensler often refuses flexibility for the Howey test- so why does he need to redefine words and make up his own rules here? It's clear this is in pursuit of his political agenda to hobble the crypto industry and distract from his own ineptitude vis-a-vis FTX. He'll change the rules to suit him. I can't recall the SEC being so corrupt before him.