Gensler and his defenders might counter that he has consistently warned that most, if not all, tokens are securities. But the industry’s gripe goes beyond that. It’s that, other than the occasional public invitations to “come in and talk to us,” there’s been no real effort to collaboratively develop a regulatory framework that accommodates the unique, decentralized features of this technology. Worse, industry leaders say, the SEC practices “regulation through enforcement,” with the Kraken suit being a case in point, which leaves everyone on their toes.
