Hi! I want to tell you about the situation around Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), who is leaving his post soon. His actions have caused a wave of indignation in the crypto community, and his departure is being actively discussed by both supporters and critics.
Why is Gensler being criticized?
Gensler is known for his tough stance on cryptocurrencies. In a recent interview, he stated that the crypto industry is "full" of unscrupulous participants and is overly speculative. His words and actions aimed at strengthening regulation caused a wave of discontent in the crypto community.
What did Gensler do?
During his leadership of the SEC, Gensler:
He has initiated almost 100 lawsuits against crypto companies.
He calls this a continuation of the work of his predecessor Jay Clayton, who launched 80 cases against the crypto industry.
Filed lawsuits against major players such as Binance and Coinbase.
These cases have cost the crypto industry more than $400 million in legal fees.
He accused the crypto industry of insufficient foundation.
Gensler compared crypto projects to high-risk startups, stating that their value depends more on market sentiment than on fundamental factors.
The reaction of the crypto community
Gensler's speeches drew sharp criticism from industry leaders.:
Paul Grewal, Coinbase's general counsel, called his actions "arrogant" and blamed the political defeat of the current administration in key states.
Bill Morgan, a lawyer and proponent of cryptocurrencies, went even further, saying that the SEC itself is "full of unscrupulous individuals."
These comments highlight the tension between the crypto community and the SEC, which has escalated under Gensler's leadership.
Why is the industry unhappy?
Difficulties for companies:
Many crypto companies have come under pressure due to expensive lawsuits.
Lack of dialogue:
Critics claim that Gensler did not seek compromises and ignored the needs of the crypto industry.
Blow to innovation:
Increased regulatory pressure, according to crypto experts, may slow down the development of new technologies and startups in the United States.
What's next?
Gary Gensler will step down as chairman of the SEC on January 20. His departure creates the opportunity for a new approach to regulating the crypto industry.
The question is who will take his place and whether the SEC will continue to take a hard line or meet the crypto industry halfway.
Gary Gensler's story is a clear example of the conflict between traditional regulators and a new, fast—growing industry. Do you think the new leadership will be able to find a balance between protecting investors and supporting innovation?