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

[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.