Gary Gensler Continues to Oppose Crypto Ahead of SEC Exit
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler continued his anti-crypto stance in a television interview today. He said the industry was “riddled with bad actors” and “built around breaches”, showing his usual severity.
Gensler claims that his career as a financial regulator actually reinforced his previously ambiguous stance, which he has not softened since being ousted.
Gensler after the S.E.C.
Many descriptions apply to Gary Gensler; Lame Duck Chairman of the SECbut no one can accuse him of converting easily. Since Trump won the recent presidential election, Gensler announces resignation on Inauguration Day. His “farewell speech” Firmly defend its staunch anti-encryption stancehe is double Dropped after two months:
“The space is filled with bad actors. The public knows a lot about Bitcoin, it’s (most of) the market value, and then there’s everything else. Those 10 or 15,000 projects…many of them won’t survive,” Gensler claimed.
Gensler began giving television interviews discussing his positive experience with the SEC and his willingness to stand firm against public scrutiny. From there, the conversation apparently turned to one of his biggest critics: the U.S. cryptocurrency industry. He claimed he had made great strides in improving legal compliance, but also described it as a particularly difficult task.
“Everything traded in the market depends on a mix of fundamentals and sentiment. I have never seen a space so focused on sentiment and so little on fundamentals! This is a space built around irregularities,” he added .
What’s particularly surprising is that Gensler specifically focused on the SEC’s efforts to crack down on high-profile crypto criminals. he mentioned Sam Bankman-FreedDaoquanhe Changpeng “CZ” Zhao Even though their behavior is very different, they are criminals on the same level. Take the Czech Republic as an example, Only sentenced to four monthswhile SBF received 25 years.
Gensler also claims that his tenure at the SEC actually reinforced his anti-crypto stance. His last job before this appointment was in academia, and he said he constantly tries to embrace pro-crypto arguments in a learning environment. However, after becoming a federal regulator, Gensler found himself responsible for cracking down on lawbreakers.
Ultimately, whatever Gensler’s vision for the SEC as a cryptocurrency regulator was, it’s over. trump will Replace him with industry allies at the beginning of his term, and CFTC Chairman will resign at the same time.
Still, there is something admirable about Gensler’s perspective. He found himself a sworn enemy of cryptocurrencies, and the defeat did not soften his views.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
