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Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), has been getting a lot of flak from the crypto community lately. And with good reason, I might add. It seems that Gensler has done a complete 180 on his stance towards cryptocurrency since his MIT lecture in 2018. In fact, some might call him a bit of a hypocrite.
The below clip is from a Fall 2018 Graduate MIT course called “Blockchain and Money”
Gary Gensler – the current President of the SEC, was the professor.
The Hypocrisy speaks for itself 🐀
“So we already know in the US and in many other jurisdictions that 3/4 of the market… pic.twitter.com/rjRWeq5P8X
— zk-🦈 (@ZK_shark) April 25, 2023
The U-Turn of Gary Gensler
Back in 2018, Gensler stated that “three-quarters of the market is non-securities. It is just a commodity, a cash crypto.” He even went on to say that the debate over whether ICOs are securities “is not particularly relevant as a legal or regulatory matter” for most of the market. Fast forward to 2021, and Gensler is singing a very different tune. He’s now labeling every crypto asset as a security and has been cracking down on crypto-related activities such as staking and stablecoins.
It’s no wonder that many in the crypto community feel betrayed by Gensler’s flip-flop. They had seen him as an ally, someone who understood the value and potential of cryptocurrency. But now, they feel like they’ve been thrown under the bus.
ALGO: The Perfect Example
The video of Gensler’s 2018 lecture isn’t the only evidence of his inconsistent views on cryptocurrency. In a recent enforcement action against Bittrex, Gensler labeled Algorand (ALGO) and several other tokens as securities. This is particularly interesting since, in his 2018 lecture, Gensler praised the technology behind ALGO and called it “very impressive.”
It’s clear that Gensler’s views on cryptocurrency are far from consistent. He seems to be changing his mind every other day. It’s no wonder that one US Congressman has proposed new legislation to oust him and replace him with someone who holds more consistent views. Whether this legislation will be passed or not remains to be seen, but it does show just how frustrated some people are with Gensler’s leadership of the SEC.
The Crypto Community Responds
The crypto community has not taken Gensler’s hypocrisy lying down. Many have taken to social media to voice their frustrations and criticisms. Some have even resorted to making memes, poking fun at Gensler’s inconsistent views.
One meme shows Gensler with a speech bubble saying, “Crypto is a security,” while in the background, his 2018 lecture plays on a screen. Another meme shows Gensler as a weatherman, with the caption, “Today’s forecast: Crypto is a security. Tomorrow’s forecast: Who knows?”
While these memes may seem silly, they do highlight the frustration that many in the crypto community are feeling. They feel like they can’t trust Gensler, and they worry that his inconsistent views could lead to more confusion and uncertainty in the crypto market.
Final Thoughts
Gary Gensler’s flip-flopping on cryptocurrency has not gone unnoticed by the crypto community. Many feel betrayed by his inconsistent views, and some have even called for his ousting. While it’s unclear what the future holds for Gensler and the SEC, one thing is certain: the crypto community will be keeping a close eye on him and his actions. And who knows, maybe someday he’ll make up his mind and stick to his word. But until then, the crypto community will continue to poke fun at his hypocrisy and hope for a more consistent approach to regulating cryptocurrency.
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