🎤SEC Chairman speaks out before leaving office: Crypto market is full of bad actors
SEC Chairman Gary Gensler is about to leave office. In an interview with Bloomberg TV on January 8, he made eye-catching and negative remarks about the cryptocurrency market, which aroused dissatisfaction among many cryptocurrency users.
In the interview, Gensler reviewed the cryptocurrency regulation work during his tenure, saying that he had supervised 100 cryptocurrency-related enforcement actions since taking office, more than the 80 cases of former Chairman Jay Clayton, mainly targeting fraud, scams and non-compliance with securities laws.
Gensler pointed out that most digital currencies meet securities standards and should be regulated, but many crypto projects do not follow the rules and "play the edge" on the edge of the law, putting investors at risk. He also emphasized that the cryptocurrency market is "full of bad actors" and that in the past few years, intermediaries claiming to be exchanges, brokers or custodians have not complied with securities laws, putting the public at risk.
The former MIT professor expressed doubts about the viability of most cryptocurrencies in the market and believed that many projects would be difficult to sustain. He also pointed out that the cryptocurrency industry is more influenced by emotions than fundamentals, which is the main reason for its volatility.
However, Gensler's words and actions have been criticized by cryptocurrency supporters. Some people, such as Minnesota Congressman Tom Emmer, have previously described his tenure as "the most destructive and lawless in history." Ripple CEO Brad Garlinghouse even described it as a "reign of terror."
Gensler's move also affected the November campaign polls, making candidates who support cryptocurrencies more popular, helping Trump return to the presidency, and promoting the most cryptocurrency-supportive Congress in American history.
In response, he was calm, saying "If you don't want to be criticized, don't participate in policy discussions," and denied that he was anti-cryptocurrency. He mentioned his background in blockchain learning and teaching at MIT to show his interest in this field.
Gensler also made clear his position, saying that as the chairman of the SEC, he is committed to protecting investors and market integrity, focusing on ensuring compliance rather than targeting cryptocurrencies.
What do you think of Gensler's remarks?Is the cryptocurrency market really as bad as he says?