- SEC laws are there to help investors make informed decisions and to prevent manipulation and fraud: Gensler
- “You are one to talk about noncompliance. You are a liar and have no allegiance to the law”, states crypto podcast host
- The majority of the crypto community asked Gensler to define compliance and set rules.
The U.S. Securities Exchange Commission’s Chairman Gary Gensler’s latest tweet on the non-compliance of crypto with the SEC law was greeted to some harsh comments by the community. In the footage posted on Twitter, Genslers was highlighting that there were too many non-compliance with the securities and other laws which are essentially there to give the community the disclosure to make informed investment decisions.
Furthermore, the laws were also there to protect the investors against fraud and manipulation. However, Gensler was unhappy due to the fact that the small US capital market was undermining the confidence of those around the world. He instituted the vulnerability of the victims by saying that all they could do was stand in line inside the bankruptcy court.
Tony Edward, a crypto podcast host took a dig at Gensler and stated that “You are one to talk about noncompliance. You are a liar and have no allegiance to the law”. Edward reminisced about a few occasions when the SEC’s arguments were inconsistent.
Psych professor Geoffrey Miller stated that 50+ million Americans who own crypto do not want your protection. They’d rather want the SEC from demonizing crypto and hyping other financial institutions like they are superior. There were many other figures who asked the Chair to define what compliance was and to set the rules that they could follow.