The article discusses a critique launched by John Deaton against Gary Gensler’s position on cryptocurrency regulation. Deaton argues that securities laws, as determined by the Howey test, do not apply to most industry tokens. He accuses Gensler of ignoring the law and suggests that he may be gaslighting the public. The disagreement over the application of securities laws to cryptocurrencies is causing tension and leading to lawsuits against major exchanges. Despite a recent ruling that XRP is not a security, the SEC is considering an appeal, and the final verdict on the status of crypto may be decided at the Supreme Court level.
AI Sentiment: Neutral