A video has emerged of future SEC Chairman Gensler stating that four cryptocurrencies, including Bitcoin and Ethereum, are not securities and that 75% of the overall crypto market at the time was outside that legal category. The video was recorded at a crypto-themed institutional investor event in 2018 and appears to contradict Gensler's recent suggestion that all cryptocurrencies other than Bitcoin are securities.

Although Gensler's 2018 comments were made in a personal capacity and not as a government official, they may anger the crypto industry and cryptocurrency owners who claim that Gensler failed to provide guidance about the legality of specific tokens before embarking on a "regulation by enforcement strategy." The SEC has not yet commented on any potential conflicts between Gensler's 2018 remarks and the agency's current legal stance.