Gensler’s Sarcastic Take on Crypto: How the SEC Went from Lawmaker to Lawn Mower

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Ah, Gary Gensler, the former SEC Chairman, now the sage of all things crypto. Recently, he had some words—well, perhaps not entirely *words*, but more like cryptic mumblings—about the U.S. Securities and Exchange Commission (SEC) unexpectedly dropping its legal cases against major cryptocurrency players like Ripple, Kraken, and Coinbase. Quite the plot twist, isn’t it?

This marks the first time in history the agency has scrambled so quickly from its once mighty legal pursuit of these digital giants. Yes, ladies and gentlemen, the SEC has done something we all thought was impossible: *backpedal*. The SEC just dropped its appeals in the long-running Ripple saga and, hold onto your hats, withdrew lawsuits against exchanges like Coinbase and Kraken. A genuine retreat that would make even the most seasoned soldiers blush.

During an interview with CNBC’s Andrew Ross Sorkin, the question was asked about the wild celebrations of crypto CEOs upon hearing the news. Naturally, Gensler, ever the poker-faced man of few words, refused to comment on the specifics. But, being the self-proclaimed oracle of the crypto market, he did offer his *oh-so-profound* views on the digital currency chaos. “Almost 99% of the crypto field is based on sentiment,” he remarked, as though he’d just discovered this dazzling insight himself. Big reveal, Gary—thank you for that nugget of wisdom!

But wait, there’s more! He solemnly warned that markets driven purely by *hype* don’t usually end in a fairy tale. “If this is just about sentiment, then, generally, those don’t end up well, and most then go down,” he said, as if we hadn’t all seen the rollercoaster of crypto crashes in real time. But then, Gary got a bit more charitable. Apparently, Bitcoin—oh, sweet Bitcoin—might actually survive the test of time. “Something like Bitcoin might exist for a very long time because there is a real keen interest in it,” he said, casting his gaze toward the crypto moon. Perhaps he’s been sipping too much of the Bitcoin Kool-Aid?

Of course, Gensler wasn’t done. He compared the cryptocurrency market to precious metals like gold. But let’s face it—humans, he implied, are not interested in thousands of tokens. “I don’t think we humans will have a fascination with 10 or 15,000 meme or sentiment tokens trading over the years,” he quipped, probably imagining a world where Dogecoin is but a distant memory. Gensler, ever the realist, prefers to focus on the few that stand the test of time. So, who’s to say—maybe we’ll all still be hoarding Bitcoin in 2050. Or maybe not.

Despite his approving nod to Bitcoin ETFs in the U.S. (a move that boosted Bitcoin’s legitimacy with institutional investors), Gensler’s reign at the SEC wasn’t without controversy. His legacy? A “regulation by enforcement” approach that left many in the crypto world wondering whether they’d accidentally stepped into a regulatory funhouse. Was it the best of times? Was it the worst of times? Depends on who you ask, but one thing is certain: Gary Gensler’s view of the crypto world remains… *fascinatingly* firm.

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2025-04-16 23:17