Let’s review the "anti-crypto measures checklist" of the outgoing Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler.
Since taking office in 2021, Gensler has rewritten the rules of the crypto market with a "heavy hand." Here are the main "achievements" 👇
🔨 Major Enforcement Actions
- Sued Ripple (ongoing, partial victory)
- Devastated Binance ($4.3 billion fine, CZ pleaded guilty)
- Locked Coinbase (accusations of unregistered securities trading)
- Targeted multiple crypto projects and tokens
🚫 Extremely Strict Regulatory Stance
- Insisted that "most tokens are securities"
- Relentlessly pursued DeFi
- Strictly examined exchange compliance
- Opposed BTC spot ETF (only relented in 2024)
📜 Enhanced Compliance Requirements
- Promoted stricter information disclosure
- Strengthened customer asset segregation
- Required complete registration documents
- Reinforced KYC/AML requirements
💥 Market Impact
- Several exchanges exited the U.S.
- Risk-averse sentiment among project teams increased
- Compliance costs skyrocketed
- Innovation restricted, development slowed
Regulation is necessary, but overregulation can stifle innovation; Gensler's approach is debatable as to whether it protects investors or hinders development.
However, he once taught the course "Blockchain and Money" at the Massachusetts Institute of Technology (MIT)! This is extremely valuable learning material for both crypto newcomers and OGs, available for free on BiliBili and YouTube.
