Gensler can destroy the U.S. crypto industry but he can’t kill crypto

[bbc.reporter]

Similar to what I have argued before, the SEC does not take action or create regulations to protect the public or the small investors. What the SEC and the other government departments are really doing is to protect the rulers of the country, their backers who own the biggest financial institutions and the biggest companies. They only protect the interests of the people that own you.

Even if you hate crypto and view it all as a giant scam—as is suddenly fashionable—it’s very clear that it is not going anywhere. Bitcoin’s resilience is one sign of that, and another is the fact that people now own more crypto than ever. A series of surveys published today by the Wall Street Journal reveals (https://www.wsj.com/articles/cryptos-quiet-gains-ownership-climbs-despite-crash-in-prices-af76cdd6?mod=Searchresults_pos3&page=1) that the proportion of the population owning crypto has jumped from 2% to 12% in the last four years. More notable are the demographics: While only 5% of men over 60 (Gensler’s bracket) own crypto, an eye-popping 38% of men aged 20 to 40 do, while the figure is 16% for women of that age.

Gensler’s efforts to portray himself as a high-minded protector of the American people—on display in this new Journal (https://www.wsj.com/articles/secs-gary-gensler-had-crypto-in-his-sights-for-years-now-hes-suingbinance-and-coinbase-dbeb79eb?mod=Searchresults_pos11&page=1) profile—are also hard to stomach. This is a man who climbed to the top rungs of Goldman Sachs and then served as campaign chair for the ethically challenged (https://www.pbs.org/newshour/politics/ethics-clinton-foundation) Hillary Clinton. He has personal and professional ties to Sam Bankman-Fried, whose massive fraud the SEC failed to spot. The hypocrisy is even more grating given Binance’s allegation, which Gensler has yet to deny, that he arranged (https://fortune.com/crypto/2023/06/08/gary-gensler-binance-changpeng-zhao-cz-informal-advisor-sec-lawsuit/) a 2019 lunch with its CEO to pitch himself as an advisor for the company—no doubt for a lucrative fee.

Read in full https://fortune.com/crypto/2023/06/09/gensler-can-destroy-the-u-s-crypto-industry-but-he-cant-kill-crypto/

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[mk4]

Pretty much — though possible to stifle and slow down, Bitcoin and some cryptocurrency projects have brown big enough to the point that it's going to be nearly virtually impossible to kill it. It's pretty much just going to be moved to other jurisdictions. Huge misstep for the US SEC tbh.

[adaseb]

I don’t think he will go far enough to have crypto banned in USA. The other exchanges such as Coinbase, Gemini, Cryptodotcom and Kraken will fight back. Even coinbase said they wouldn’t delist tokens unlike Binance and Robinhood.

Since he wanted to be an advisor for Binance, I think the judge will drop the case due to a conflict in interest. Of course he is going to sue the one company that refused to hire him back in the day. Why he isn’t fired yet is surprising.

[btc_angela]

I don’t think he will go far enough to have crypto banned in USA. The other exchanges such as Coinbase, Gemini, Cryptodotcom and Kraken will fight back. Even coinbase said they wouldn’t delist tokens unlike Binance and Robinhood.

Since he wanted to be an advisor for Binance, I think the judge will drop the case due to a conflict in interest. Of course he is going to sue the one company that refused to hire him back in the day. Why he isn’t fired yet is surprising.

Or better yet, just leave US easy as that and let the government feel what they have done to the technology itself. Yes, Gensler could destroy it, but as to what cost to the US investors? only time will tell.

And as we all know, no can stop bitcoin and crypto itself. For sure there are countries willing to embrace those exchanges that are going to left the US soil. So still a win-win for us and we are going to continue to thrive in the next coming years. Bull run is just around the corner, so let's see how big the growth will be and for sure it will be a slap to the US government if they can't stop the bull run.

[posi]

I don't think this crazy guy will be enough to destroy the crypto industry in the US, many politicians have also expressed displeasure with what the SEC is doing, not all politicians and the US government are supportive SEC. They are just one regulator among many others, and what they want is this market to be theirs, they don't intend to destroy it as many people think. It's hard to say anything at the moment, the case is still ongoing, and both sides present their own evidence. Even if the SEC lawsuit against XRP remains unresolved, I think this lawsuit will take longer than we thought.

[livingfree]

IIRC, I've seen a headline that Gensler applied for a consultant on Binance and that was pretty much like that but then probably rejected so he's out there protecting the interest of their economy movers, the banks.

While it's that he can't kill crypto but what he does together with his department is disturbing and making rounds and noise all over the world even if he's just targeting what's inside the US.

[avp2306]

I don't think this crazy guy will be enough to destroy the crypto industry in the US, many politicians have also expressed displeasure with what the SEC is doing, not all politicians and the US government are supportive SEC. They are just one regulator among many others, and what they want is this market to be theirs, they don't intend to destroy it as many people think. It's hard to say anything at the moment, the case is still ongoing, and both sides present their own evidence. Even if the SEC lawsuit against XRP remains unresolved, I think this lawsuit will take longer than we thought.

If majority of the company operates in US did not comply on the law then maybe we can see a major downfall of crypto industry in that country. But if they didn't do anything like what this guy accused Binance or any other crypto companies then they have legit documents to show for sure with this they can fight this guy who want to disturb the crypto operation and its widespread in US. For now its good to follow this case to know what action does Binance will do with their case.

[cryptoaddictchie]

IIRC, I've seen a headline that Gensler applied for a consultant on Binance and that was pretty much like that but then probably rejected so he's out there protecting the interest of their economy movers, the banks.

While it's that he can't kill crypto but what he does together with his department is disturbing and making rounds and noise all over the world even if he's just targeting what's inside the US.

Pretty much of a fact there about 2019 application of Gensler. Maybe his bitter about it and wanted some revenge on CZ for not being taken back then. But thats unprofessional and conflict of interest now that he is head of SEC.

Also theres rumor that he is manipulating the market to earn profits. A news circulating that he was spotted shorting the market of $2.5m in bitcoin on a coinbase account. Pretty mych favor what he is done in the past few days of his action on Binance and Coinbase.

[thecodebear]

Well he can't stop Bitcoin in America because nobody is arguing that Bitcoin is a security. But yes he is relentlessly and corruptly attacked crypto in the US. Though it will likely take years for these cases to finish, and they could go either way, perhaps ending up limiting the SECs power even. And hell hopefully by then Congress will already have passed regulation on the crypto industry so the court cases wouldn't even matter at that point. Even if the SEC got what it wants and got to control crypto tokens on exchanges and didn't allow any, that would just mean exchanges in America go to Bitcoin-only.

[mk4]

But yes he is relentlessly and corruptly attacked crypto in the US. Though it will likely take years for these cases to finish, and they could go either way, perhaps ending up limiting the SECs power even.

And also take note that I've read somewhere that Gensler has only less than 2 years left in his position(chairman of the U.S. SEC). He'll be out of the picture in no time; which is kinda bullish unless someone worse replaces him.

[retreat]

The SEC can only thwart the valuation of the crypto market from its regulations and attack those who they feel are pro cryptocurrency, apart from that the SEC cannot even stop the adoption of cryptocurrency globally. The SEC is very wrong if they think they can control the cryptocurrencies in that country - they can only control the crypto platforms, but not the communities - mark these words. The more they try to contain it, the bigger the crypto community will be, whether they like it or not they have to accept this fact.

[hugeblack]

It seems that exchanges are angry with him to try to publish all these reports in the newspapers. I am sure that if he was not strict in the regulations, some would support what he is doing, just as happened with Elon Musk. Everyone was thanking him and considered him a legend, and suddenly everyone started blaming him.

I see that despite everything that is happening, adoption is increasing and the price is stable, and it is a matter of time before these regulatory restrictions are reduced. With an understanding of technology and knowledge of the risks and advantages associated with it, the laws will be less strict.
So far, only CEXs & fake DEXs have been attacked, which seem to have been getting a lot of free profits.

CEXs != bitcoin.

[Dunamisx]

Similar to what I have argued before, the SEC does not take action or create regulations to protect the public or the small investors. What the SEC and the other government departments are really doing is to protect the rulers of the country, their backers who own the biggest financial institutions and the biggest companies. They only protect the interests of the people that own you.

Even if you hate crypto and view it all as a giant scam—as is suddenly fashionable—it’s very clear that it is not going anywhere. Bitcoin’s resilience is one sign of that, and another is the fact that people now own more crypto than ever. A series of surveys published today by the Wall Street Journal reveals (https://www.wsj.com/articles/cryptos-quiet-gains-ownership-climbs-despite-crash-in-prices-af76cdd6?mod=Searchresults_pos3&page=1) that the proportion of the population owning crypto has jumped from 2% to 12% in the last four years. More notable are the demographics: While only 5% of men over 60 (Gensler’s bracket) own crypto, an eye-popping 38% of men aged 20 to 40 do, while the figure is 16% for women of that age.

Gensler’s efforts to portray himself as a high-minded protector of the American people—on display in this new Journal (https://www.wsj.com/articles/secs-gary-gensler-had-crypto-in-his-sights-for-years-now-hes-suingbinance-and-coinbase-dbeb79eb?mod=Searchresults_pos11&page=1) profile—are also hard to stomach. This is a man who climbed to the top rungs of Goldman Sachs and then served as campaign chair for the ethically challenged (https://www.pbs.org/newshour/politics/ethics-clinton-foundation) Hillary Clinton. He has personal and professional ties to Sam Bankman-Fried, whose massive fraud the SEC failed to spot. The hypocrisy is even more grating given Binance’s allegation, which Gensler has yet to deny, that he arranged (https://fortune.com/crypto/2023/06/08/gary-gensler-binance-changpeng-zhao-cz-informal-advisor-sec-lawsuit/) a 2019 lunch with its CEO to pitch himself as an advisor for the company—no doubt for a lucrative fee.

Read in full https://fortune.com/crypto/2023/06/09/gensler-can-destroy-the-u-s-crypto-industry-but-he-cant-kill-crypto/

All the discussion concerning the SEC aren't genuine and each players involved here in this regulation challenge will try to play on defensive role to his own path, but are they truly considering the people who are the masses involved or their own personal ambitions under the covers of being a government officials, it is clear that challenge Binance exchange is having with the government is purely on regulations, this could involves not arriving at a particular symphony with their terms after failed MoU attempts.

If they ban try harder will only result hem to ban Binance US and not the Binance global exchange, obviously this also have nothing to do with the bitcoin network than only the altcoins users getting affected on that exchange, by now majority of bitcoin investors should be having their coins on their personal decentralized wallet that if anything should happened, they will remain unaffected.

[Onset]

The biggest mistake Binance did was trying to get crypto global without caring as much about crypto’s principles. When they implemented KYC to go globally accepted instead of maintaining their users’ privacy by not making it mandatory I knew something was up. And here comes Binance, trapped by the people they thought would be helpful in making his dream come true. Global crypto acceptance is cool.. only until you realize the compromise you have to accept in exchange for it.

[EarnOnVictor]

I've always known that it's a matter of time before the crypto space is regulated more, it's the talk of the town and no matter how we view it, regulation is necessary since the US and many others are not banana republics. But they should only ensure that the regulation is not anti-people, that's my main plight.

People have rights, they have the right to own whatever assets and properties they want and where they want it, and crypto is part of it. If the US and their agencies are making it unbearable for people and businesses, then it's the country that would be boycotted, cryptocurrency would continue to thrive even without the US, especially Bitcoin which is truly decentralized.

[OcTradism]

Similar to what I have argued before, the SEC does not take action or create regulations to protect the public or the small investors.

They did not do anything to protect investors with Terra, FTX scam and collapses. In contrast, they try to sue projects or platforms which have yet collapsed like Ripple, Binance, Coinbase which look to be better than Terra and FTX.

What the SEC and the other government departments are really doing is to protect the rulers of the country, their backers who own the biggest financial institutions and the biggest companies. They only protect the interests of the people that own you.

SEC and Gensler did some regulatory activities like to show their power in a wrong way. SEC in the last few years is like a tool for Gensler to satisfy his obsession of power for himself.

His face is like a face of a scammer. His face tells us all about what he does as a SEC chair.

[Outhue]

So far, it seems that other coins are going to get affected for the people living in the US, except Bitcoin that nobody is ready to call a security, to me it's still looking good for crypto because if Bitcoin is still standing strong then crypto is still very much alive.

Altcoins are surely going to suffer the most and majority of them are going to die slowly, starting from between now and March of 2024, right now almost all altcoins in my wallet have bleed out dried.

Maybe we will see 600$ per Ethereum, who knows? But 21,000$ Bitcoin is now in place because of the strong support we lost at 26k and 27k, this is probably where many people will start leaving crypto.

[livingfree]

IIRC, I've seen a headline that Gensler applied for a consultant on Binance and that was pretty much like that but then probably rejected so he's out there protecting the interest of their economy movers, the banks.

While it's that he can't kill crypto but what he does together with his department is disturbing and making rounds and noise all over the world even if he's just targeting what's inside the US.

Pretty much of a fact there about 2019 application of Gensler. Maybe his bitter about it and wanted some revenge on CZ for not being taken back then. But thats unprofessional and conflict of interest now that he is head of SEC.

Who knows? But that's timely when someone has released that throwback so, maybe there's the reason where he is coming from all of these chasing with Binance and other exchanges through SEC.

Also theres rumor that he is manipulating the market to earn profits. A news circulating that he was spotted shorting the market of $2.5m in bitcoin on a coinbase account. Pretty mych favor what he is done in the past few days of his action on Binance and Coinbase.

Whoever is on the top of the chain, there is for sure the great view of what they can do to manipulate the market or do things on their own for the benefits that they'll get through it with every action they make.

Well, who knows if he's the one that will be next on line while doing all of these things.

[flyingcarpet]

People no longer trust banks or any structure set up to protect your money. No matter what they do, the number of people who trust bitcoin is increasing day by day. They devalue the coins by giving a lot of negative news to the market. If there is a mistake it should be corrected, I am not saying anything wrong about it. However, when the power begins to change hands, there are many who make noise. One thing I am sure of is that in time, they will all defend and support the Bitcoin they oppose from the front lines. No one can destroy crypto.

[Lucius]

And also take note that I've read somewhere that Gensler has only less than 2 years left in his position(chairman of the U.S. SEC). He'll be out of the picture in no time; which is kinda bullish unless someone worse replaces him.

In my opinion, it is wrong to think that Gensler is doing something on his own, he is just an ordinary executor of orders that come from positions much more powerful than his. Accordingly, I do not expect the official US policy to change on this issue, regardless of who replaces him in that position. What is evident from everything that is happening is that the lobbyists of the "crypto industry" in the US are quite weak, and when you are weak then everyone attacks you, classic bullying of the strong against the weak.

Well he can't stop Bitcoin in America because nobody is arguing that Bitcoin is a security.
~snip~

This is actually something positive, at least for those who are not involved in altcoins. If we are to be realistic, most of these projects are completely meaningless and it is only a matter of time before those who invest in them experience financial loss. Of course, CEX and the owners of these projects don't want to give up what brings them profit and that's why they will fight with their hands and feet and in whatever way they know to save their gold altcoins mines.