As a crypto investor, I’ve heard Gary Gensler, the SEC Chairman, express his recurring concerns about our sector yet again, labeling it as a breeding ground for unsavory characters in an interview with Bloomberg TV yesterday.
Looking back at his time with the SEC, Gensler expressed a sense of pride regarding our efforts in the cryptocurrency sector, highlighting the consistent nature of our enforcement measures throughout the years.
Under his tenure, Gensler emphasized the groundwork established by his predecessor, Jay Clayton, who took on around 80 enforcement actions related to cryptocurrencies from 2017 to 2020. Throughout Gensler’s four-year term, the SEC continued this strategy, launching approximately 100 actions against fraud and misconduct in the rapidly advancing crypto sector, demonstrating a consistent approach.
Securities and Exchange Commission Chair Gary Gensler says that crypto is “rife with bad actors”
— Bloomberg TV (@BloombergTV) January 8, 2025
Crypto is less than 1% of U.S. financial markets, yet it’s riddled with “scams,” Gensler said.
In simpler terms, Gensler stated that the field he’s referring to is deeply emotional rather than grounded in practicalities. Out of approximately 10,000 to 15,000 projects, a large number of them might not endure. He likened these projects to venture capital investments, suggesting they are likely to fail.
Gensler’s remarks are made as he is about to retire on January 20, coinciding with the inauguration day of President-elect Donald Trump.
Gensler and Crypto
The Biden administration’s appointee, Gensler, has publicly shown reservations about cryptocurrency regulations. Following its passage in the House, he strongly criticized the Financial Innovation and Technology Modernization Act 2021 (FIT21 bill).
The interaction between the crypto sector and Gensler has often been marked by tension, with the majority of the industry expressing caution and annoyance towards him. Many argue that his tough regulatory stance and labeling most cryptocurrencies as securities has hindered progress and introduced legal ambiguity.
Gensler consistently emphasized that many cryptocurrencies fall under the category of securities, encouraging companies to register with the Securities and Exchange Commission (SEC).
Industry experts debate that compliance can be unrealistic because existing regulatory structures are primarily tailored towards conventional financial institutions.
Looking back at my time here, I can’t help but acknowledge the hurdles we’ve faced. However, it’s crucial to underscore the part I believe the SEC plays in furthering the foundation laid by previous endeavors within the realm of crypto investments.
“I’m proud of what we’ve accomplished, but there’s still work to be done,” he said.
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2025-01-08 22:52