SEC chairman Gensler advises US troops to keep away from crypto
SEC chairman Gensler advises US troops to keep away from crypto
The chairman of the United States Securities and Exchange Commission (SEC)-Gary Gensler-asked members of the US Army not to invest in cryptocurrencies.
He believes that the sector lacks adequate regulation and that most digital assets will collapse in the future.
Another wave of skepticism
One of the sharpest critics of Krypto-Gary Gensler-another Bashing manifest started against the industry. In a recent Twitter area he pointed out that more and more US soldiers have shown interest in the digital-asset sector.
He claimed that the niche looks like the "wild West" because of its unregulated nature, which means that people should not interact with it. The SEC chairman also believes that most of the existing cryptocurrencies will crash at some point, which will trigger painful losses for investors:
"Most of these 10 or 15,000 tokens will fail. This is because venture capital fails, new startups fail-but also because the story shows us that there is not much space for microwands, which means you know, we have the US dollar and Europe has the euro and so on."
Gensler advised the soldiers not to be "involved in the Fomo-the fear of missing something", and claimed that Bitcoin and the alternative coins were "not compliant" and "highly speculative". SEC commissioner Caroline Clenshaw also participated in the discussion and said that cryptocurrencies are known to be involved in fraudulent systems. "You claim to be transparent what is on the blockchain, is transparent, but the rest of what is there is not transparent, and I think there have been a few examples lately," she concluded.
Despite the criticism of the cryptocurrency industry, the SEC has also shown a certain positive view of it in recent years. The Commission praised in October 2021 everything to do with digital assets. Instead, Gensler said that the agency would work with the banking supervisory authorities to impose an increased supervision of the sector. The SEC doubled a few days later and approved the introduction of the Bitcoin Strategy ETF (Bito) Proshares-the first BTC Futures ETF in the USA. Back then, Gensler commented : "I think that we should be technologically neutral in the public sector, but not politically new." The Chairman said at the beginning of last year that the watchdog will concentrate on the application of stricter rules for the exchange of cryptocurrencies. Despite these efforts, several platforms collapsed in 2022 ftx is the most remarkable example. . Gary Gensler, Reuters
hard attitude, but with a few friendly winking