Gary Gensler Blasts
Crypto Market On His
Way Out
Gary Gensler Blasts Crypto Market On His Way Out
by Jake Simmons
3 hours ago
in Crypto News
0
In an interview with David Gura on Bloomberg Markets on Wednesday, outgoing
Securities and Exchange Commission• Экономика » Финансы » Финансовое регулирование » Органы финансового регулирования » Комиссия по ценным бумагам и биржам США
• Объект организация » Организации по алфавиту » Организации на Ко » Комиссия по ценным бумагам и биржам США (SEC• Экономика » Финансы » Финансовое регулирование » Органы финансового регулирования » Комиссия по ценным бумагам и биржам США
• Объект организация » Организации по алфавиту » Организации на Ко » Комиссия по ценным бумагам и биржам США) Chair Gary Gensler reviewed his
tenure and the role of crypto within the US capital markets. Gensler, who has
less than two weeks left in his term, remained steadfast on his stance toward
the digital asset space, calling it “rife with bad actors” and stressing that
“many of them will not survive.”
Crypto Is Still The Wild West
Gensler began by addressing the criticism he has faced during his tenure.
“It’s a great privilege to be in a role like this,” he said, highlighting that
he is the 33rd SEC• Экономика » Финансы » Финансовое регулирование » Органы финансового регулирования » Комиссия по ценным бумагам и биржам США
• Объект организация » Организации по алфавиту » Организации на Ко » Комиссия по ценным бумагам и биржам США chair and credits President• Соединённые Штаты Америки (США) » Политика США » Политики США » Президент США
• Соединённые Штаты Америки (США) » Государственное устройство США » Президент США
• Политика » Политика США » Политики США » Президент США
• Государство » Государственное устройство США » Президент США Joe Biden• Объект человек » Персоналии по алфавиту » Персоналии на Ба » Байден, Джо for the appointment.
“You walk into this central square and you debate these important things for
330 million Americans,” he added.
Related Reading: Is Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Ready for Quantum Computing? CryptoQuant Weighs In
on the Risks
Asked whether the level of scrutiny he has experienced is different compared
to his time as head of the Commodity Futures Trading Commission (CFTC) during
the global financial crisis, Gensler acknowledged, “It does change.” However,
he maintained that the commission’s chief focus remains “looking out for
everyday Americans, trying to lower the cost of the markets […] It doesn’t
surprise me that there s some in the middle of the market who[…] might
have thoughts on that and object.”
Turning to crypto, Gensler echoed a theme he has repeatedly underscored since
taking office: The digital asset industry accounts for less than 1% of the US
capital markets—he placed the entire capital market at roughly “$120
trillion”—yet it has demanded significant SEC• Экономика » Финансы » Финансовое регулирование » Органы финансового регулирования » Комиссия по ценным бумагам и биржам США
• Объект организация » Организации по алфавиту » Организации на Ко » Комиссия по ценным бумагам и биржам США attention.
He stood by his earlier “Wild West” depiction of crypto, pointing out, “It’s a
field that built up around non-compliance.” He also invoked the enforcement
actions pursued under both his tenure and that of his predecessor, Jay Clayton
. “Jay brought 80 enforcement actions in this area. We’ve brought in about 100
in our four years,” Gensler said. “It’s maybe about 5% of what we do in our
law enforcement,” he noted, explaining that the remaining 95% targets
traditional scammers and fraudsters.
Related Reading: CFTC Chair Resigns As Crypto Regulation Takes Center Stage In
New Trump Administration
Highlighting how sentiment-based and volatile the space is, Gensler divided
the digital asset world into two parts: “This field, it s rife with bad
actors. Let me just split the field into two just for a minute. The public
knows a lot about Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, which depending upon its market value on any given
day, is two thirds to 80% of the market value of crypto. And then
there s everything else. Or some people say Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and
everything else.”
He was blunt in his assessment that the other “10,000 or 15,000” which are
projects with no fundamentals which only profit from sentiment shifts.
“I ve never seen a field that s so much wrapped up in sentiment
and not so much about fundamentals. And these 10,000 to 15,000 projects, many
of them will not survive. They re like venture capital investments.
They re not going to survive.”
Gensler also highlighted that there’s a huge number of “small pump and dump
schemes”. Specifically referencing high-profile enforcement actions, Gensler
stated: “We ve lived through a few years where, you know, they became
notorious, but they re in jail. The Sam Bankman-Fried , the CZ’s and Do
Kwon ’s where tens of billions of dollars were lost by investors.”
Gensler was also asked about the shift from his time at MIT—where he studied
digital assets—to his enforcement-heavy approach at the SEC• Экономика » Финансы » Финансовое регулирование » Органы финансового регулирования » Комиссия по ценным бумагам и биржам США
• Объект организация » Организации по алфавиту » Организации на Ко » Комиссия по ценным бумагам и биржам США. He addressed the
public perception that he would be a “champion” of crypto by noting the
difference between academic inquiry and regulatory responsibilities. “When
you’re in academia […] you can study something and observe it […] But then
when you’re in this job […] building upon my predecessor[…] It’s a field rife
with challenges and noncompliance with the securities laws.”
At press time, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin traded at $93,253. Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin faces downward pressure,
4-hour chart | Source: BTCUSDT on TradingView.com
Featured image from YouTube, chart from TradingView.com
46-ой Президент США Президент США (2021/01/20-2025/01/20) организации Комиссия по ценным бумагам и биржам США Органы финансового регулирования соц_роль Президент США
