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The excitement arose after the surfacing of a video that appeared in 2018, when the SEC chairman was a professor at the Massachusetts Institute of Technology. A couple of years before he headed the SEC, he spoke with the topic "Blockchain and money". Then he drew attention to the fact that ICOs will cause disputes about securities.
At the same time, he concluded that most of the crypto assets cannot be attributed to the concept of "securities". According to him, the crypto markets of the USA, Taiwan and Canada work according to certain requirements, like the Howie test.
During his speech, he said that a third of the crypto market is definitely not securities. They can be presented as a commodity, a means of payment or cryptocurrencies.
As a result, this video was received with indignation in the cryptocurrency community. Users of the crypto network called him a hypocrite, as he accuses crypto companies of fraud. At the same time, in their opinion, he himself should be prosecuted. Also, users demanded an explanation for what reason the opinion was changed.
Note that recently the head of the SEC made a statement that only Bitcoin cannot be attributed to the concept of "securities". The rest of the cryptocurrencies are such with all the consequences.