DISCLAIMER: This article does not, and is not intended to, constitute legal advice. And how could it? It contains little by way of advice. It is merely the author’s own analysis written in his personal capacity and not in his capacity as a lawyer. Securities and Exchange Commission (SEC) Chair Gary Gensler has recently made a number of public statements, criticizing the crypto industry for failing to adhere to securities laws. This refrain is not new. For a long time, Gensler has argued that the vast majority of tokens are securities; that the SEC has issued sufficient guidance on what qualifies a token as a security; and that enforcement actions will follow those who fall short of strict compliance with existing regulations. In Gensler’s view, nothing about crypto warrants special treatment.