A Butcher of Crypto Investors and Innovations?

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The skeletons in SEC Chairman Gary Gensler’s closet are back to haunt him. A fall 2018 clip recorded by a Blockchain and Money course student whose professor was none other than our own President Gensler is trending due to Gary’s take on crypto in 2018.

In all of the blockchain course notes and videos, Gensler can be heard saying that Ethereum is not security at MIT as a professor, which has resurfaced online. He is seen talking with students that Ethereum is decentralized enough not to consider it a security.

And another… – The clip below is from a fall 2018 MIT graduate course titled “Blockchain and Money”

Gary Gensler – the current chairman of the SEC, was the professor.

Again, I’ll let the video below speak for itself.

Lecture 6: Smart contracts and pic.twitter.com/hsTvJ82XmM

— zk- (@ZK_shark) April 28, 2023

After this video was released, the cryptocurrency community was outraged, believing that the president had abused his power and authority by using it to suppress crypto speculation. As a result, many people started calling for his resignation from the chairmanship and started seeing him as a butcher of crypto innovations.

Earlier, U.S. Representative Warren Davidson introduced legislation to terminate Gary Gensler and restructure the SEC citing the long string of abuses including improperly providing a short comment period to crypto firms, illegal ESG disclosure mandates in the market, etc. Such an illegal and anti-crypto stance has led many crypto companies to be kicked out of the country.

In another event, Gary Gensler was criticized by Rep. McHenry for not answering whether Ethereum, $ETH, is a commodity or a security. While two different federal agencies, CFTC and SEC, juggle to implement securities laws on all crypto assets, breaking out during the Congressional hearing makes it clear that they have no concrete evidence to back up their claims. arguments.

From the start, the SEC has been skeptical of cryptocurrencies, repeatedly calling them securities. However, their habit of regulation by enforcement has been exposed over time. Before it all falls apart, the US regulator and government should ditch their biased views and people like Gary Gensler to embrace the crypto space.

Additionally, XRP token holders may benefit from revelations of Gensler’s past in the ongoing legal battle between the SEC and Ripple following his escape at the Congressional committee hearing. In 2020, the SEC filed a lawsuit against Ripple for allegedly selling unregistered XRP securities.

Also Read: SEC and Ripple Both File Motions for Summary Judgment

While there is no doubt that some level of regulation is necessary for the crypto industry, the methods employed by Gary Gensler and the SEC can be seen as nothing short of butchering the space. Their approach has caused significant harm to investors and the crypto industries, with many believing their actions to be overly aggressive and unnecessary. If the SEC continues down this path, it could have disastrous consequences for the future of crypto.

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