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.

[bittraffic]

No one can kill crypto. Its like the opensource projects from Linux OS to P2P sharing protocol. Thats the reality that Gensler had realized years ago but is stubborn trying to portrat as protector but same corrupt official who actually applied as advisor for Binance. This wide eyed man actually has a grudge against CZ.

But this very coincidence because the launch of FEDNOW will ne next month.

[KiaKia]

I advice you do more research on this first, do you know how many people are in support of crypto in the united states? There are few that are into politics and tea are upcoming candidates for the next election, Gensler can't fight and win this war on is own for the long term.

Everybody knows that Bitcoin is unstoppable, but Gensler has a grudge against CZ and there are a few powerful people behind Gensler that are after the failure of CZ and Binance too, I can assure you that Gensler is not doing all these on his own.

[kryptqnick]

I'm not closely familiar with the US financial authorities (only from reading about it, but without ever experiencing it) and financial authorities are really lax in my own country, but I think it's worth mentioning that the SEC doesn't seem to be out to kill cryptos. Namely, they're regulating altcoins as securities (so the SEC's regulating them), and they've continuously refused to regulate Bitcoin because it's not a security and doesn't fall under their competence.
This particular guy can have his own agenda, and it's bad that the SEC is doing a poor job of actually protecting the investors (which allowed the FTX collapse to happen), though.

[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.

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.

Most companies that want to operate in the US market need to apply for a business license and pay taxes. That means the US government is collecting a significant amount of taxes from the crypto industry, so I don't believe other politicians will let the SEC destroy that. The SEC is not the ultimate authority on this matter, so destroying the entire crypto industry in the United States is unlikely even if the companies continue to fight the allegations of the SEC.

Binance.us only accounts for a small portion of binance's global revenue, so they're willing to give up the market if the SEC puts a strain on it. But the problem is that other exchanges only operate in the US market, what will they do?

[Wind_FURY]

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.

While that may be true, I'm afraid that they might not be satisfied. There's still a non-zero chance that those non-elected, high-ranking bureaucrats who were merely appointed in their posts, will become more motivated to go after EVERYTHING if their push against the shitcoins will be a success.

We should always remember that the government always utilizes to FUD to discredit ANY alternatives to their antiquated financial system. We should be vigilant. The sudden surge of regulations is not a coincidence.

[Blitzboy]

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.

Most companies that want to operate in the US market need to apply for a business license and pay taxes. That means the US government is collecting a significant amount of taxes from the crypto industry, so I don't believe other politicians will let the SEC destroy that. The SEC is not the ultimate authority on this matter, so destroying the entire crypto industry in the United States is unlikely even if the companies continue to fight the allegations of the SEC.

Binance.us only accounts for a small portion of binance's global revenue, so they're willing to give up the market if the SEC puts a strain on it. But the problem is that other exchanges only operate in the US market, what will they do?

First off, lets not forget, the SEC is not the only player in the crypto regulation game. We've got the CFTC, the IRS, and Congress, to name a few. So the SEC shutting down crypto in the US is not really an option! Think about it, the SEC going all in, trying to curb the entire industry - wouldn't that be a bureaucratic nightmare?

That being said, the role of Binance.us in the entire revenue structure of Binance is indeed quite minimal. It's like a pebble in an ocean. They could potentially pull out if the heat becomes unbearable. But what about those who cant? The smaller fish who have only the US market to depend on? Will they roll over and surrender, or will they fight tooth and nail?

There's a lot more at stake here than what meets the eye. Compliance, legitimacy, taxes, everything comes into play. As spetators, all we can do is watch and hope for the best

[Faisal2202]

Haha, well you are totally right, Gensler is the hero and crypto is the villain and the hero has to play his role otherwise there will be no respect for him, no one will talk about him, and marketing needs the hater's support so that they could be more famous. Why? i do not know maybe he wants to become clear of his connections with previous crypto projects, (allegations that are true, AFAIK).

I thought he will be dismissed when he talked about Algorand in a recent interview and tried to pump it by talking in favor of it. I thought he will be dismissed but its looks like he has got more fame from then and his words are making more fear than before. (haha), the legend against crypto. (haha). Well, everybody has their past, and so does Gary has in favor of crypto. But why things are not in favor anymore? It will be confirmed after halving.

[Bitstar_coin]

I don't think anyone in the crypto community consider Gensler a hero rather it is the opposite. He may or may not be acting on personal ground with the other crypto projects on his TO-DO-LIST but base on the alleged binance advisory thing on twitter i believe he has personal grudge towards cz and binance, despite all that, i believe cz and binance will be fine and crypto will be strong again.

[yazher]

This kind of people will not last longer because once the price of bitcoins will rise again, their opinion won't matter anymore because what matter is when the people see the truth in the crypto market. Once the price will back to ATH again, they will flock to invest and never look back to these kinds of opinion anymore.

[The Cryptovator]

The ongoing attack on the crypto market is the most significant one yet. The SEC  filing lawsuits against Binance and Coinbase, it represents a critical moment for the entire crypto industry. Surprisingly, despite these challenges, the market hasn't experienced a significant decline, thanks to the unwavering confidence of investors. As we move forward, the market is poised to rebound even more strongly, regardless of whether the SEC or the crypto industry emerges victorious. While the SEC has the power to potentially disrupt crypto within the United States, it cannot eradicate it entirely. Lately, people have expressed regret towards the SEC, and if the regulatory body continues to create obstacles, it's likely that US citizens will increasingly turn to decentralized exchanges (dex) as an alternative.

[bbc.reporter]

What American companies of the cryptospace should do. Hire problockchain people who used to work as regulators for the government. Also, it would be another advantage if they were not affiliated with the Democrats because there is a higher chance the next administration might be run by a Republican hehe. These companies will need the right rainmakers to attract institutional clients in their platforms.



Stablecoin issuer Circle hired Heath Tarbert as its chief legal officer and head of corporate affairs, effective from July 1.

In 2019, Trump appointed Tarbert chair of the Commodity Futures Trading Commission. Tarbert left the agency in 2021, succeeded by the current chair, Rostin Behnam.

Tarbert is just one among several former US regulators who have become involved in crypto businesses after their stints in public service.

Source https://www.dlnews.com/articles/regulation/circle-hires-former-trump-cftc-head-tarbert-as-top-lawyer/

[2Pizza410000BTC]

Gary Gensler filed a lawsuit with the Securities Exchange Commission (SEC) on behalf of Binance and Coinbase, alleging that several cryptocurrencies were weak in terms of security, so the US-based exchange issued a cease-and-desist notice to Binance. Because of this, even though the market was temporarily heavily dumped, Bitcoin could not be harmed. Even taking action against all cryptocurrencies won't hurt bitcoin because bitcoin and crypto are not the same thing.

[Flexystar]

That is the thing here which is uplifting the crypto industry - “who owns you”. In crypto nobody owns anybody, you are controller of your own assets as long as you hold the private data associated with it. This is the reason they can’t touch the crypto at it’s very “core” even if they imply superficial rules and regulations to control it. They never able to control the dark web which isn’t even close to the crypto graphic algorithm so I am pretty sure crypto is something that everyone will use openly and yet governments won’t be able to do anything about it. I am also not surprised by the fact that they call it as giant scam but the thing is the way Government runs these days is itself a giant scam.

[bbc.reporter]

What might really be happening behind these lawsuits and crackdowns vs. Binance and Coinbase. The biggest firms from traditional finance might be encouraging and supporting Gensler in his campaign against the cryptospace to give these big firms an opening for a takeover on crypto.

Soros Fund Management's CEO, Dawn Fitzpatrick, might have shown her company's intentions in this interview.



The US Securities and Exchange Commission’s consecutive lawsuits against crypto exchanges Binance and Coinbase put the crypto market at risk of paring its near-50% rally year-to-date. However, Dawn Fitzpatrick, the CEO of Soros Fund Management, asserted that the recent tumult provides an opportunity for traditional finance to “take the lead.”

During the Bloomberg Investment Summit, Fitzpatrick assessed the significance of blockchain technology and added that “crypto is here to stay.” “What’s happened is clearly a setback. But right now, I actually think it’s a huge opportunity for the incumbent financial firms to actually take the lead,” commented the official.

While the CEO noted the irony behind suggesting a TradFi takeover of crypto, the lack of trust towards platforms like Binance was one of the reasons. She also alluded to the fact that average consumers and traders would likely benefit from such a shift as traditional institutions “segregate client assets” properly.

Source https://coinchapter.com/sec-vs-exchanges-battle-made-crypto-ripe-for-a-takeover-says-soros-fund-management/

[GateioExchange]

We laid out the context behind this SEC move and where it's potentially going,
https://www.youtube.com/watch?v=MFhKos4FyMU

[bbc.reporter]

Update. There are rumors circulating in social media that uncle Gary has resigned. I will just share this on this thread instead of creating a new one while we wait for an official annoucement from the SEC.

Also, the market is not pumping. Markets usually react positively to rumors if there is some truth behind them.

In any case, I wish it is true hehehehe.



In a stunning revelation, an anonymous official from the Securities and Exchange Commission (SEC) has reportedly disclosed that Gary Gensler, the Chairman of the SEC, has submitted his resignation following an internal investigation. This bombshell news has sent shockwaves through the financial industry, raising concerns about the integrity of the regulatory body and the implications for investor confidence.

The anonymous SEC official, who spoke on the condition of anonymity due to the sensitive nature of the matter, stated, "Gary Gensler has resigned from his position as Chairman of the SEC following an internal investigation into alleged misconduct. The details of the investigation are confidential, but the decision to step down underscores the seriousness of the findings."

Source https://www.thecryptoalert.com/post/sec-sources-confirm-gary-gensler-resignation

[bettercrypto]

We know that no one can kill cryptocurrency, the only thing governments in each country can do is shut down crypto companies operating in their jurisdictions. And that's what Gengsler did, closing down the companies related to the crypto business.

So what others did was move to other countries that are friendly to crypto business such as Hongkong, and other countries. This was the only reason of why SEC in U.S doing this thing.

[adaseb]

Yeah I heard about this. Basically it was some anonymous source which usually posts false info like XRP being used as official currency of Russia, that BRICS will use Bitcoin as official currency, etc. Hearing this, especially on a long weekend, I knew it would be fake.

So the rumor spread and a few hours someone from SEC tweeted that it was a false rumor. And the fact was that if this was true then Bitcoin and many alts which are securities would rally but nothing moved. Hence why you shouldn’t believe everything you hear.

[DapanasFruit]

I don't think that Gary Gensler will eventually be that successful in his plan to kick and destroy cryptocurrency in the USA market. However, I am sure that many crypto-based firms are now planning to get out of USA - and this is so sad and is going to be working not favorable to the country - so they will not be victims of the wrong mindset now evading SEC. Instead of working with the industry and make it come under the right regulations in place, it is declaring to be an enemy. Gensler is just a temporary blip and he will be the one to one day go away and crypto will survive. Gensler will have a legacy on his face as the SEC Chairman who is the big joker in the industry.

[Kakmakr]

You are 100% correct....

The SEC is the tool of politicians to satisfy the needs of large Fiat financial organizations. These companies fund their election campaigns and they get leverage over these politicians.

We all know the US elections is around the corner and the politicians must dance to the songs of the companies that are funding their election campaigns. Once the elections are done, the damage to the Crypto currency scene would be done too.... and all of that would have been for money and power... and protecting the rich. 

[bbc.reporter]

You are 100% correct....

The SEC is the tool of politicians to satisfy the needs of large Fiat financial organizations. These companies fund their election campaigns and they get leverage over these politicians.

We all know the US elections is around the corner and the politicians must dance to the songs of the companies that are funding their election campaigns. Once the elections are done, the damage to the Crypto currency scene would be done too.... and all of that would have been for money and power... and protecting the rich.  

The SEC itself is not a tool. It is the people that are being appointed to run them are the tools. If a group of bankers spent millions in a political candidate's electoral campaign and if this candidate won and became a senator, a congressman or a position as powerful as a president, what would happen? The milions spent will be not for nothing. It is an investment hehehee. The bankers will certainly suggest names of the people who they can easily work with in different departments of the government.

In any case, there are many people who would not accept this reality and if you mention it, they will call you a conspiracy theorist.

[yhiaali3]

Gensler, with his obnoxious grin, has become one of the most hated characters of Crypto fans today, presenting himself as the public's protector when in fact he is a bunch of hypocrites looking out for their own interests no matter what.

But fortunately, he looks like a dwarf in front of Bitcoin, figures much larger and more important than Gensler tried to get rid of Bitcoin, but they failed as he will fail, these people must admit defeat and look into reality, Bitcoin is like a torrent that cannot be stopped.

[Fiatless]

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.

Exchanges will attract more customers if they promote privacy. Requesting KYC from clients is not really the decision of these exchanges, the government mandates them to demand this KYC. They always claim that they need this information to curb money laundering, scam, and cyber crimes. Binance and other exchanges are not to blame for this because demanding customer KYC is part of the requirements for them to operate in most countries.

The SEC itself is not a tool. It is the people that are being appointed to run them are the tools. If a group of bankers spent millions in a political candidate's electoral campaign and if this candidate won and became a senator, a congressman or a position as powerful as a president, what would happen? The milions spent will be not for nothing. It is an investment hehehee. The bankers will certainly suggest names of the people who they can easily work with in different departments of the government.

In any case, there are many people who would not accept this reality and if you mention it, they will call you a conspiracy theorist.

They don't care about the effect of their actions on the people because they want to protect their sponsors. Imagine how much the US will lose in tax revenue and the people that will become unemployed if these exchanges are strangled out of the US. That is why these businessmen always finance the election of all the parties contesting. Don't forget that SBF donated to both Democrats and Republicans so that anyone party that wins will favor his business. As others have mentioned, Gensler will only deprive Americans of the benefits of cryptocurrency because he can not stop the sector globally.

[TravelMug]

You are 100% correct....

The SEC is the tool of politicians to satisfy the needs of large Fiat financial organizations. These companies fund their election campaigns and they get leverage over these politicians.

We all know the US elections is around the corner and the politicians must dance to the songs of the companies that are funding their election campaigns. Once the elections are done, the damage to the Crypto currency scene would be done too.... and all of that would have been for money and power... and protecting the rich.  

The SEC itself is not a tool. It is the people that are being appointed to run them are the tools. If a group of bankers spent millions in a political candidate's electoral campaign and if this candidate won and became a senator, a congressman or a position as powerful as a president, what would happen? The milions spent will be not for nothing. It is an investment hehehee. The bankers will certainly suggest names of the people who they can easily work with in different departments of the government.

In any case, there are many people who would not accept this reality and if you mention it, they will call you a conspiracy theorist.

Yeah, that's why many politicians on the other side of the fetch as calling for his ouster at the office of SEC.

Not sure they if they can do removed him and then we will see the policy of SEC changes a bit for the better. But for me, it should be the only solution right now because the direction of SEC is really negative as far as crypto goes.

And for sure this issues are going to be tackle or not being taken by a lot of politicians in the next election.