(Kitco News) U.S. lawmakers tried to get to the bottom of the Securities and Exchange Commission (SEC) chair Gary Gensler's definition of what differentiates Bitcoin from other cryptocurrencies.
During Thursday's testimony before the U.S. Senate Banking Committee, Gensler faced some pointed questions regarding what makes Bitcoin not a security, with some lawmakers zeroing in on the aspect of decentralization. Gensler's aggressive stance on cryptocurrency oversight excludes the world's largest cryptocurrency.
The SEC has previously cited the Howey Test to determine whether a crypto token is a security or not.
The test refers to the U.S. Supreme Court case for determining whether a transaction constitutes an "investment contract" and, therefore, should be considered a security, often used for crypto. Under it, an investment contract is an investment of money by entrepreneurs in a common enterprise with an expectation of profits from the efforts of others.
In the past, Gensler stated...
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