original authorJON RICE, BlockWorks; compiled by Odaily Xiaofei
speechspeechChina said that three-quarters of cryptocurrencies are not securities), and instead carried out intensive crackdowns on Kraken, Block.One, Telegram and other leading institutions/projects in the industry.
But what has caused many doubts for a long time is that for FTX, which has the most negative influence and the most extensive victims in the industry, the SEC has never made large-scale charges against it until the incident. Considering that Gensler himself is inextricably linked with SBF It is difficult not to speculate whether there is an operation that is inconvenient to disclose behind the scenes. Coupled with CZ’s role in “fueling the flames” in the FTX crash, Gensler’s attack on Binance was also understood by many people who eat melons as Gensler’s intention to “revenge private revenge and settle accounts after the fall.” (See Odailys previous article The SEC pointed at Binance, and Gary Gensler reported private revenge?》）
Due to the double denial of ability cognition and character, many media and KOL also expressed strong dissatisfaction with Gary Gensle. Odaily sorted out the statement issued by BlockWorks as follows:
Gary Gensler is the chairman of the Securities and Exchange Commission (SEC), and hes not popular. There are rumors that he eventually wants to replace Janet Yellen as Treasury Secretary, but sources on Capitol Hill say he has no chance at all, as he is not popular not only with cryptocurrency enthusiasts, but also with most of the US government officials.
Popularity is not a prerequisite for his current position, but competence is.
However, Gary Genslers ability can only be described as persistent absence.
Under Gensler, the SEC has become the weapon of government anti-technologists who fear a threat to dollar hegemony.
Yet it is this weaponization of the SEC that threatens Americas future as an economic power.
The development of digital assets is inevitable. In the technological revolution that the financial market will eventually have to accept, the United States has two choices: lead or follow.
Genslers SEC has chosen to ignore progress, stifle innovation, and send our best and brightest overseas. Thanks to Gensler, the US is handing over the leadership of tomorrows financial markets to more progressive and thoughtful nations, including those in Europe, the Middle East, and even countries the US considers hostile.
Its not just entrepreneurs and national interests that are being hurt.
In todays action against Binance, Gensler has once again demonstrated that his concern for investor protection is at the bottom of his priorities.
Millions of Americans hold cryptocurrencies. Millions of Americans may hold tokens that he unilaterally declared securities today. These Americans have been harmed time and time again by the SECs refusal to engage in a good-faith discussion about what is and is not a security.
As markets slump again on Gensler’s actions, we get a timely reminder that the laws he believes in cryptocurrencies have been passed for more than 90 years. In fact, Gensler takes the time to make sleepy videos like this defending his view that all digital assets are securities, compared to having meaningful interactions with token issuers, an issue that almost no one Ridiculous notions that (except Gensler himself) believe.
Gensler is known to be an unelected bureaucrat, which is often mentioned, and this characterization is irresponsible, making it easy to blame things you don’t like on people you don’t agree with.
But Gensler is well aware that bipartisan opposition to his agenda is at an all-time high. Congress, not bureaucrats, no matter how high in office, should set the rules that define our capital market participation. Congress expressed a deep and urgent desire to do so.
For Gensler to continue on his current path would certainly be dereliction of duty to our democratic norms by unelected bureaucrats.
The financial markets of the future will be tokenized. They will use blockchain technology. They will consist of new, unique entities, some of which have decentralized elements that do not comply with existing securities regulations.
But one government agency has stopped that progress on its own. Make sure that the United States is not the leader in the development of the global financial system in the future, but a reluctant and unwilling player, if it does participate at all.
Gary Gensler is undermining American innovation, American investors, and American interests.
Its time to let him go.
