EddieJayonCrypto
8 Jan 25
SEC Chair Gary Gensler criticized the crypto industry, characterizing it as "rife with bad actors," and suggested that blockchain technology could be inherently illegal. He stated that crypto lacks substance and is wrapped up in sentiment rather than fundamentals. Gensler, set to leave office on Jan...
SEC Chair Gary Gensler has criticized the crypto industry, labeling it as "rife with bad actors" and suggesting that blockchain technology could be inherently illegal. He expressed his belief that crypto lacks substance and is driven by sentiment rather than fundamentals. Gensler, who is set to leave office on January 20, has led an aggressive campaign against crypto-related firms and projects during his tenure, aiming to address allegedly illegal behavior in the crypto space.
Amid intense criticism from the crypto community, Gensler remains indifferent and believes that crypto's appeal is marginal, with less than 10% of the public investing in it. He also hinted at the nonpartisan nature of the SEC's current crypto skepticism by noting that his Republican predecessor, Jay Clayton, pursued enforcement actions in the crypto space as well.
Gensler's statements echo his previous remarks, wherein he portrayed the crypto industry as filled with bad actors and implied that the very premise of blockchain technology could be inherently illegal. Despite facing significant backlash, particularly from the crypto community, Gensler seems unfazed, asserting that the public is aware of the risks associated with crypto and that the sector's appeal remains limited.