SEC Chairman Gary Gensler, who has been the target of criticism recently, was subjected to harsh questions and criticisms during a panel he attended. Gensler, who came together with both students and former SEC commissioner Robert Jackson at the New York University Law School, did not go unnoticed in his determined responses to the questions and criticisms.

“I took an oath for this”

Gensler, who discussed the Howey test and investment contract issue with former commissioner Robert Jackson, gave the following answer to Jackson’s question, “Are we going to regulate cryptocurrencies based on a decision made in the 1940s?”:

“Look, the laws are like this… I started this job by taking an oath to enforce the existing laws. These laws still protect investors. In securities rules, the situation is clear. You choose what you want to invest in.”

“Whether you like it or not, the rules are like this”

Gensler also received harsh questions and criticisms from students. Speaking about the SEC’s comments that there are still no clear rules on cryptocurrencies, Gensler said:

“Look, just because you or others don’t like the laws doesn’t mean they are bad. Or even if you don’t like them, the laws are like that… There is no such thing as ‘there are no laws.’ We have always made consistent statements on this issue, both during Jay Clayton’s and my term.”

“I don’t think they will act as money”

Gensler also stated that he doesn’t think cryptocurrencies will act as money and will have a usage area more like a store of value.