SEC’s Gensler Rebuffs Crypto Complaints, Says Gave Ample Warning Before Hitting Binance, Coinbase

“Some additional utility does not remove a crypto asset security from the definition of an investment contract,” Gensler said, though he added that tokens built for exclusive use in their blockchain ecosystems can be exempted from such accusations. “The investing public generally buys these crypto assets, at least in part, anticipating profit based on the efforts of those token issuers.”