Outgoing U.S. SEC Chairman Gary Gensler continues to assert his opposition to cryptocurrency in a recent interview. He describes the industry as 'rife with bad actors' and 'built on a foundation of non-compliance', reflecting his inherent toughness in his views.
Gensler emphasizes that throughout his financial regulatory career, his stance on cryptocurrency has become more resolute, and he has not changed his views despite criticism.
Gary Gensler – Chairman of the U.S. SEC
Although he can be described in many ways, no one can deny that Gensler is steadfast in his beliefs. Since Donald Trump won the presidential election, he has stated he would resign on the day Trump takes office.
In his 'farewell speech', Gensler continued to strongly defend his opposition to cryptocurrency and reiterated this stance after two months.
"This sector is rife with bad actors. The public only knows about Bitcoin and its market value, but there are many other things. Among these 10,000 or 15,000 projects, many will not last long," Gensler declared.
Gensler began the interview by sharing positive experiences during his time at the SEC and emphasized the steadfastness in oversight under public scrutiny. However, the conversation quickly shifted to one of the subjects he has strongly criticized: the U.S. crypto industry.
The SEC Chairman asserts that he has made progress in promoting compliance with the law, although this work has faced many challenges.
"This market operates based on a combination of fundamentals and psychology. I have never seen an industry so heavily influenced by psychology while being so little concerned with fundamental factors. This is a field built on a foundation of non-compliance."
A notable point in the interview is that Gensler particularly emphasized the SEC's efforts to crack down on notorious criminals in the crypto world.
He made a controversial comparison between major criminals like Sam Bankman-Fried, Do Kwon, and Changpeng Zhao, despite their behaviors being significantly different. For example, CZ was only sentenced to four months in prison, while Bankman-Fried faces a 25-year prison sentence.
Gensler also stated that his term at the SEC has actually solidified his anti-cryptocurrency stance. Before joining the SEC, he worked in academia, and during that time, he always sought to counter arguments in favor of cryptocurrency. However, upon becoming a federal regulator, he recognized his responsibility to crack down on violations.
Ultimately, any vision that Gensler had for the SEC as a cryptocurrency regulator has now come to an end. Trump chose an ally in the industry to replace him as he begins his term, and the CFTC Chairman will also resign at the same time.
https://tapchibitcoin.io/gary-gensler-duy-tri-thai-do-thu-dich-voi-crypto.html