You might remember that feeling from the past few years. Some token suddenly gets delisted from a platform because it's "potentially deemed a security." You want to stake ETH on a US platform, only to find the feature has been shut down due to "compliance risks." Someone asks you whether cryptocurrency is actually legal, and you hem and haw—because you're not sure yourself. These are all legacies of the Gensler era. His approach was: no explanations, just subpoenas.

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