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Gary Gensler Failed the U.S. Crypto Industry, and So Has Congress
· 28.06.2023 · 20:11:57 ··· MiTTwoch ⭐ 0 🎬 0
📺 Crypto World Daily
The Securities and Exchange Commission chair is a rational actor. U.S. lawmakers have been derelict in their duties.
We are entering the summer of the U.S. Securities and Exchange Commission (SEC). The agency's latest actions against the world's foremost exchanges, Coinbase and Binance, have the crypto sector reeling.
Major players are making moves – quickly. Crypto.com announced it will wind down its U.S. institutional business due to “limited demand.” Robinhood testified last week in a House crypto hearing about the complete lack of help it received from the SEC in registering as a digital assets broker.
Dr. Paolo Tasca is a professor and economist at University College London, the founder of the DLT Science Foundation (DSF) and member of the blockchain technical committee at the International Organization for Standardization (ISO). He advises several companies, including Hedera Hashgraph and INATBA.
This isn’t a full accounting of the SEC’s recent activities or crypto’s response – there is far more to explore. But the ringleader of the chaos is Gary Gensler, the current chairperson of the U.S. Securities and Exchange Commission.
Robinhood, eToro and other major brokers have began delisting tokens from some of the most prominent blockchain projects in the space. Many of those projects happen to use proof-of-stake (PoS) algorithms, which guarantee high levels of network security, but have been called into question by SEC Chair Gary Gensler.
Suffice it to say, scrutiny is increasing.
The crypto sector has reason to wonder why Gensler is taking a hard stance on the cryptocurrency industry, especially compared to his predecessors. It is true, there are several problems in the crypto space. The Federal Trade Commission (FTC) reported victims lost more than $1 billion in cryptocurrency scams between January 2021 and March 2022. However, this statistic is nine times less than the losses incurred from security frauds in 2022, overall.
Gensler's focus leads me to believe he's following the "nine over one" rule – i.e., spending 90% of his time policing the crypto industry, a sector that accounts for just 10% of scams across the financial industry.
What kind of evidence and information is Gensler using to make his decisions? What can we expect from future SEC actions? Why has he changed his mind so much? And why is it that a government official is employing social media in a manner akin to a social media influencer, predominantly sharing content related to crypto while displaying personal satisfaction and emotional investment?
I was shocked when I recently rewatched an interview between Gensler and CoinDesk Managing Editor for Global Policy and Regulation Nikilesh De. He abruptly interrupted De, emphatically claiming three times in a row that all cryptocurrencies are securities. Shouldn't any government official, particularly the SEC chair, maintain impartiality, emotional detachment and fairness in carrying out their duties?
As speculation continues to rise, conspiracy theories about the SEC's true motives have also emerged on Twitter, Reddit and beyond. There are questions about Gensler's relationship with Sam Bankman-Fried. And reports that he was turned down for advisory roles at Binance. He doesn't have to be collaborating with SBF or operating out of spite to question the soundness of Gensler's thinking.
See also: Gary Gensler's Evolving Position on Crypto –...
https://www.coindesk.com/consensus-magazine/2023/06/28/gary-gensler-failed-the-us-crypto-industry-and-so-has-congress/
#crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #opinion #opinionnews #opinionnewstoday #sec #secnews #secnewstoday #garygensler #garygenslernews #garygenslernewstoday #regulaion #regulaionnews #crypto
***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT!
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bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple
· 28.06.2023 · 20:11:57 ··· MiTTwoch
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