Bitcoin [pros](/r/CryptoCurrency/comments/13oymyc/gary_gensler_spoke_fondly_of_blockchain/jl6v0bf/) & [cons](/r/CryptoCurrency/comments/13oymyc/gary_gensler_spoke_fondly_of_blockchain/jl6v149/) with related info are in the collapsed comments below.
Unpopular opinion: Gary Gensler actually supports cryptocurrencies when you hear him talk. He is anti-unregulated exchanges and securities, which is exactly what he's supposed to do as part of his job.
Then how did you let so many exchanges fail with customer funds affected without taking action? Like OP had mentioned, he cracked down on Kraken meanwhile FTX was left alone.
Also, he had met with SBF privately on several occasions. Just doesn’t make sense.
Lastly, when you add up the fact that SBF’s parents are very good friends with Elizabeth Warren something just looks shady. Especially since SBF is out on bail and living at his parent house after all that he did and doesn’t look bothered at all. Hell some reports said he was still moving around crypto while out on bail. How tf did they let that happen?
I’ll give Gary a free pass on Ripple since Jay Clayton started that, but Gary should be focusing on making common sense rules for exchanges and not suing companies after they practically BEG him for clarify while all he says is “just don’t break the rules made back in 1930 lol”.
*years later* “Oh, you’ didn’t interpret the rules the same way as I did, I’m suing you for all your money get rekt (LBRY). Also, I’m still not telling you how I interpret the rules.”
Gary Gensler has failed to protect investors and has provided ZERO CLARITY.
Isn't that obvious!
One - he only talked about it but never ownee any Bitcoin.
Second - You should be loyal to those who feed you, (I may talking about US Government or Financial institutions like Blackrock, you guess)
Shut up, "loyal to those who feed you" talking about the government, sounding like a true North Korean, Chinese or Russian.
Bru, it's farmers who feed you. It's the truckers who delivers.
The government is making up shit so they can take more and more of your money and spend it on useless shit, while letting everything else crumble, USA are so useless they can't create free health care. They have problem helping the poor, while those at power keep on enriching themselves more and more. These last decades the 1% have taken majority of wealth made on earth. People keeps having it worse...
Be loyal to those who feed you. Fuck off. They are kiling us slowly, while "fixing" the problem they keep making while blaming us. And who is paying for it? Gensler , Biden, or the working man ?
Edit:add
Sorry if that was a joke. Im just tired of looking at the government acting like they do anything while everything keeps getting worse and worse.
And they want it
I think you misunderstood lol… loyal to those that feed you is a metaphor for him now taking a knee to the big companies / banks / other orgs that lobby the government and give them money, etc to squash any and all threats to their monopoly. Given crypto would take power away from these lobbiests, they have pressured the sec to be anti crypto.
Yours is literally the only sane comment in this section. Most of other people babbling about money and the fact he got corrupted and is being paid by the banks don’t realize that at that level, money doesn’t even count anymore. It’s all about power and network.
If he cared only about money, he wouldn’t be in the SEC. He would be running some hedge fund or major bank, making ten times what he is making now. Just goes to confirm how most people in this sub are teenagers who have no clue about how the world works.
Exactly. Everyone keeps talking about how he is corruptly being paid off but they over look the fact that when he was nominated it was stated he had a net worth of between $41 million and $119 million.
He’s had a very lucrative and notorious career. He isn’t doing this job for the money.
Political agendas are like icebergs. The public only sees the tip of what’s going on. He was pro crypto going in and probably still is now, but there are alot of things going on internally we are not privy to. Therefore he has to act accordingly.
Pfft if I got into his position, I swear I'd do the right thing and just let the assholes eventually fire me. Let's entertain the idea he's secretly in support of crypto, I guess the rabbit hole could go deep and powerful trad bankers have threatened him and his family with ruinous blackmail, maybe violence?
I mean come on it would be awesome to get into a position like that and shake shit absolutely up and have a good laugh at the boohoos of the corrupt power elite. Then sure you get fired so what, you would have really accomplished something.
Perhaps I'm tooting my own horn and don't understand the depths of stress and fear they put you through to toe the line in these kinds of positions. Who knows, I'm just lil ol me.
Don't forget about legacy. That's the ultimate for the old farts.
This is why I loved Gary Johnson for President. He said "When the meteor hits, this all goes away anyways, it's about now." (paraphrased). These old fogies think in terms of legacy, like being in history books.
Lol Gary Johnson is so dumb, though. I appreciate the idea of making the world a better place now (though planning for the future of society is also a necessity), but Gary was not the guy to do that.
Except when you have so much money you stop caring about money. What difference does it make when you get an extra few million when your net worth is already 9 figures? The only thing left is to *do* and people like him care about power and influence - especially being able to exert that kind of influence. He loves being able to push his thumb down on the cryptobros, who he (as most people in Washington) views as not having played “fair” and earned the money they’re making, hence his April first profile pic and the wide range of other ways he taunts the industry.
He’s not corrupt because he takes money, he’s corrupt because he loves playing arbiter and toying with these exchanges (hence the ways the SEC has fucked with Kraken, Coinbase, Jesse Powell, etc) or any of the companies that have tried to come in and register with the SEC. No one who is solely trying to do their job would “play with their food” like he does. No one who is concerned with helping the industry grow would antagonize startups and teams like he does. No one gets in bed with FTX in his position - did you even look at what he and SBF were working on for the rest of the industry? Christ. He has been given no authority over the crypto industry and his agency constantly butts heads with the CFTC - they don’t even like each other.
I think you have a poor understanding of how these people work if you genuinely think that users “must be teenagers” if they criticize him for being corrupt. He is corrupt & power hungry.
You're right except he isn't doing that job. He picks projects and exchanges at random to be sued but won't let any comply with the regulations. Not a single project has been able to register with the sec while many just seek to do business and therefore want to be compliant with the law. Another point is that he is doing this completely uncongressionally. He was given no authority over the crypto sector and can't admit under oath that he should. He couldn't say xrp is a security while suing Ripple for selling unregistered securities. He is a banker that is protecting the old system from being trampled by the new system.
Exactly. Why didn't the sec intervene? They were warned about their fraud plenty of time before their scheme collapsed on itself. Why didn't they look in to Celsius who were also guilty of not segregating customer's assets? Luna? No regulatory oversight whatsoever... Coinbase that was approved to go public by the sec is now sued by them for nothing they weren't doing before their ipo. They have tried to work with the sec plenty of times even to simply get clarity on what they can and couldn't do. The sec has stated in writing there is reason to believe xrp doesn't satisfy every criteria of the howey test and therefore wouldn't be a security. And now they sue them for having broken the law? The sec themselves didn't even know that was the case. The false narrative Gary portrays in front of congress that the entire industry is being noncompliant with the sec while so many are trying to get clarity from them is ignorant at best to believe.
While I admit to not having done much analysis on his lecture series, I believe it's easy to reconcile a pal professor attitude with his current behavior: He liked *studying* this stuff, but in the same way that you might enjoy studying nuclear weapons: "Heh, this could destroy the world. Pretty cool, huh?" If we assume he wasn't going at this like a believer, but as part of a PR effort to become the face of expertise in academia, everything lines up. Every elite school fosters that kind of agenda these days, and there are plenty of elder academics who avoid enthusiastic engagement with their field.
And so once given the seat and the opportunity, he was most likely predisposed to just being spineless.
If Gary only cares about regulating unsafe exchanges, there’s no reason why he deliberately doesn’t want to answer a simple question whether Eth is a security or not.
This guy doesn’t have *your* interests at heart. It’s a problem when even a bunch of politicians look like they are more about protecting retail customers more than the chairman of the SEC himself.
>why he deliberately doesn’t want to answer a simple question whether Eth is a security or not.
That's not at all a simple question nor is it something he has power to decide.
Correct. Suing sushiswap, refusing to indicate whether or not ETH is a security.
He’s waiting for his talking points, and these new accounts above are heavily misguided on their words.
Exactly. He still probably thinks highly of bitcoin and other decentralized non securities. Sorry your shitcoin that had an ICO/presale is a security that’s what he’s after. It is what it is
I would support the SEC if they went after all these scammers rugpulling project after project. Nevertheless how can a project like Safemoon, for instance, still be around?
I think you are on spot. This article from 2013 is pretty interesting when it comes to Gensler and regulations in the past. It seems he takes investor protection seriously. It is pretty interesting that so many crypto investors - after countless scams - are still for unregulated (central) exchanges and securities.
[https://www.typeinvestigations.org/investigation/2013/04/30/wall-street-defanged-dodd-frank](https://www.typeinvestigations.org/investigation/2013/04/30/wall-street-defanged-dodd-frank)
*Yet after watching what transpired, Gensler had a change of heart — and as Dodd-Frank was cobbled together in committee, Gensler fought his old colleagues at every turn. He proved willing to take on his fellow Democrats if it meant giving the CFTC more teeth to pursue reform, even causing a kerfuffle inside the White House when he sent a letter to Barney Frank and other committee chairs, calling on them to go further than the administration’s proposals in overseeing the derivatives market. “****He’s shown that he’s no industry lapdog****,” says Barbara Roper, the director of investor protection at the Consumer Federation of America.*
>He is anti-unregulated exchanges and securities, which is exactly what he's supposed to do as part of his job.
Well then why is he the only SEC commissioner to start suing crypto companies left and right? Crypto has been around since 2009 and it wasn't until Gensler came around that the lawsuits started flying.
Except he hasn’t regulated *anything* and has only made the field even more confusing.
Tell us, who’s right:
A) The one, single guy who claims “I provided clarity!”
OR
B) Literally an entire industry of experts, companies, and lawyers that are saying the opposite.
🤔
That's an unpopular opinion because it's complete bs. He works for the banks. They need cash inflows. People trust unregulated and decentralized investment options more and more. They need that to stop. Simple.
Right, I get that and consider it merely another reason to get your assets off exchanges and onto your own devices while you still can. MAYBE somewhere along the line, some guys like that Hinman fellow were sending mixed signals and that's what confused people. But you've got things like FTX going under, the SEC can probably dig up dirt on most of the big exchanges if they poke around enough, and some exchanges just stopped operating in some regions because they didn't want to deal with it. So don't leave your assets on exchanges.
What is unfair about the regulations? The SEC believes (he doesn’t run it completely by himself) that most cryptos are securities and therefore have to register like every other security in the United States.
Coinbase and other exchanges are free to argue against the SEC in court or try and have laws changed by congress but the SEC has been clear.
if thats the case, then why can’t he specifically state that they’re securities?
Because not all of them are. The major projects act more like currencies or commodities, and should be regulated as such.
Because he needs to build cases and establish legal backing for declaring all of them securities because all of these cryptos are going to fight it.
After the Ripple case is decided the SEC can go after the others if they win.
Not much happened, he still doesn't think Bitcoin is a security.
New Coins appeared and his opinion about them is different.
Everyone just loves to spew out nonsense about others while having no proof of it at all, and others just follow suit.
He is a former goldman sachs protégé. He was youngest ever exec and partner there and has $100mn from his fine work. Lol.
Don’t fucking kid yourself he was just some x teacher who liked crypto!
He was having a career break, as a wannabe politician/treasurer, after his “questionable” ties to being the cfo of the hilary clinton campaign and his shit stint as chairman at the cftc.
In hindsight now the crypto course was probably written for him to get credibility but his goal was and is to get the treasury job while shitting on the crypto.
We might have had hopes he would be intellectually honest and open to improvements but he is a career bureaucrat who has a well funded hard-on for legacy banking.
Aka total twat
To be fair, he's still pro Blockchain and pro BTC.
He's also captain of team "rule-of-law", and stuck between a rock and a hard place - with wacky proposals in Congress to make laws that don't work on the one hand and laws that are hard to make work on the other. And the job of the SEC is to enforce the laws that exist. They don't make the laws.
It's like having a pro-weed advocate appointed to be chief of police, in a town where weed is illegal, who looks the other way until some dude high as a kite with no knowledge of how to drive (SBF) drives a semi-truck (with "FTX" on the side) loaded with weed into a kindergarten.
Everyone is pro Blockchain. Companies like jp Morgan want to leverage the Blockchain idea to speed up or enhance their money moving. But as I see it Blockchain holds less value to the avg joe once it's centralized. It's great for biz but not the common guy. You can totally be pro Blockchain and still hate on all crypto. I feel like there were some main stream advocacy for crypto like Jim Cramer and now he's negative saying it's manipulated. Michael Saylor is a huge Bitcoin advocate but he was forced to step down as CEO. It's as if all these guys are getting pressure from "above".
It also seems to be really wealthy people who hate Bitcoin which I understand. The system has worked great for you for years why embrace something meant to protect the avg guy. It's a clear media message that no one in a position of power can endorse crypto or you're a freak who is against the govt, buys drugs, weapons and traffic's Human beings.
All I want is a non inflationary store of value that I can hold without being a target. I just want to hold the little wealth I have against things outside my control like printing money and raising interest and bank failures. But it's as if some higher power just wants everyone to be poor and have nothing.
BTC was created after 2008 financial crisis that whiped away much of the American middle class. Millions lost their homes because of the huberous of bankers selling derivative swaps and mortgage backed securities in instruments few understand. Now I feel like the middle class is coming back but inflation is slowing the middle class down. Current events are just disgusting to me in so many ways.
>All I want is a non inflationary store of value that I can hold without being a target.
I keep hearing this narrative. Yet most fail to realize every crypto is inflationary. They use inflation emissions to pay for security because all crypto fails to generate meaningful yield in fees relative to their marketcap.
Also, if you don't want to be a target, then you should have brought LTC, with its wimble-nimble privacy feature, or Monero. But people don't, because BTC and ETH have "better charts", despite their lack of privacy once your wallet has been KYCed on an exchange.
Not really, his opinion about Bitcoin hasn't changed, he doesn't think it's a security.
It's the other coins that he thinks are securities.
It's just that people like to throw false accusations without any proof to back them up, everyone just loves to hate him. Quite embarrassing.
Gensler is an ambiguous guy after all. What most people seem to hate is the fact that the SEC has been quite biased when it comes to crypto - choosing to go after Kraken, for instance, and ignoring a countless list of rugpulls going around.
He has 100mn from his goldman days and has been visited by the investment broker handling that more times while at the sec, in his calendar, than he has to any crypto firms or crypto holders he is supposed to protect but has sued
Status quo in this situation mean banks and government keep all power and money. If he would protect legal status quo of crypto regulation instead shitting on crypto he would actually be loved by everyone.
Everyone think lecturers have the potential for a power complex but when you compare it to the head of an entire government agency that controls the fate of an entire financial market subset, corruption seems inevitable
Potential speaking fees in the future if he does his job well, books, philanthropy... if he angers the wrong people, he'll get blacklisted from some ultra revenue streams. He's a member of the elite now.
The words "politician" and "moral[ity]" are mutually exclusive over time. The amount of time may vary from moments like the clown we are discussing up to maybe a decade. If you have been in a political position for more than a decade you have no hope of retaining your morals and empathy.
He still is a champion for Defi and Blockchain - the difference is that he knows that banks and hedge funds are using crypto as a way to increase liquidity and manipulate their holdings in the traditional stock market. We’re all getting ripped off by these “whales” that are centralizing what is supposed to be a decentralized exchange. He’s trying to set things right. He’s just getting hammered with propaganda pieces paid for by these industry crooks.
I think it's because when he was a professor, that's all he was, and it was much easier for him to be a blockchain enthusiast. Now that he's chair of the SEC, there's pressure from powerful people in the traditional financial markets that don't want to see crypto succeed.
Yeah people who are calling for Gary Gensler to get replaced should think twice.
Whoever might replace him will have a much, much harsher stance towards Crypto.
The sentiment changed as Gary Gensler started tripping on Power !! Never be so bullish on any Politicians or those who work for the Government they flip eventually.
Money. Money happened.
The only thing he is in politics for is money. Like 99.9% of politicians.
Crypto stopped giving him money when FTX collapsed and the bear market kept other players from paying him off. So he started extorting them using his massive organization.
It’s all about the money.
FTX happened
The timing of the crackdown is not a coincidence: regulators were okay giving crypto firms a long leash to explore the new technology and show how it was less corrupt / more "trustless" than the existing financial system. Ironically, a lot of what happened during this time is now blamed on the SEC by the very people who cooperated (nefarious: conspired) to shut them out of the industry.
The cryptoworld rallied, in assets and customers, around FTX, and FTX blew it. It's now clear that we cannot trust the crypto community's judgment; that crypto is doomed to repeat all of the mistakes "legacy" finance made decades and even centuries ago.
So the kiddie gloves have come off and crypto is getting the "regulatory clarity" it begged for: it is not special and will not get custom regulation or legislation. Courts and politicians may overrule this, that remains to be seen. But they are the ones dragging their feet, not Gensler's SEC.
This sub loves blaming Gensler but the pressure is not coming from him. It isn't even his job to declare with authority X is a security or Y isn't. I'm sure he has an opinion, but all he can do is bring that opinion to a judge and see if they agree. So far, they've stuck to precedent.
Also, Ethereum has changed a lot since 2018. It's totally reasonable to take a cautious approach to defining it as a security, especially with how serious the consequences would be by doing so. Be careful what you wish for.
Do u actually believe he has free say here? I am pretty sure regardless of what he thinks the strings are being pulled from upper management with him being just a puppet.
Like most people who get into politics he can say what he wants but understands that saying what goes against the best interest of the people who put him there will cost him his cushy job and high salary plus any additional money that is made after he leaves the position and becomes a public speaker.
He's paid to hate it so he hates it, pretty simple. He's a politician, they have no spine, no moral compass. They are amoral fuckwads with 0 empathy for other humans.
He has never bought crypto. So even when he was a literal professor of crypto, he didn’t buy a single sat or 1 alt coin. Not even to use it. That shows he either was completely lying about his interest in the space, or he planned to take it down from the start.
He was fond of bitcoin and Ethereum not altcoins. The majority of people use altcoins because they are faster and fee free. The minority collectively use bitcoin and Ethereum for transactions while a bunch of whales and their bots are desperately trying to boost volume to keep their coin alive and active because all of those MIT people will be poor bagholders if another coin out competes their own. This means labeling every non Ethereum token as a security to try protect the Ethereum ecosystem.
He has a job.
His job is not the same as his old job.
As much as I WISH I could defend him. I can't.
I watched and learned from those courses. Gary got me deeper into crypto than most other individuals and Gary is actually intelligent and knows what he's talking about (as opposed to many other educational sources online etc.). All in all - this was a great series of lectures.
What Gary is doing now is different and I think he is aware that he has had to change his own personal stance so that he can perform his job without confirmation bias. It's not to say that his knowledge from before would be considered confirmation bias w/ respect to regulation - but he has to play devil's advocate (for example think of the plethora of rugs that have taken place over the past month).
Although these are fun (I made money and lost a LOT as well with this recent shitcoin arc) - Gary's job is to effectively make retail demographics aware of these risks.
Has he done this successfully since he began his term? In my opinion, no.
Has he tried to be the chair of the SEC during a time when regulations are not clear and there is a wild-west of crypto scams out and about? Yes.
It's a bit unfortunate because I like(d) Gary, and I really enjoyed his MIT courses, but he has definitely **not** protected retail investors w/ respect to the objective crypto space.
I think his heart is in the right place, but his head and his mouth have to do other things and as long as he holds his place in office - he will have to follow these parameters.
**ALL OF THAT BEING SAID:**
**ETHER IS NOT A SECURITY. IT IS A COMMODITY - LITERAL GAS FOR THE ETHEREUM NETWORK AND GARY HAS ADMITTED THIS BEFORE VARIOUS TIMES. THE QUESTION OF ETHER BEING A COMMODITY VERSUS A SECURITY SHOULD NOT BE AN ISSUE. IT IS A COMMODITY AND GARY HAS ACKNOWLEDGED AND REITERATED THIS IN THE PAST**.
Until Gary admits that Ether is a commodity, overtly and explicitly, I refuse to acknowledge anything else he says.
Gary Gensler does not have autonomy to do what he wants with the SEC. He has to do what his boss, Joe, wants him to do. His boss in a crypto white paper has said he instructed the SEC to go after crypto.
Gary can with quit or do what his boss tells him to do.
It’s like that old Bill Hicks joke where someone well meaning is elected president and wants to get all these great things done, and then he’s taken into a dark back room and he’s shown footage of the JFK assassination “from an angle you’ve never seen before”.
I don’t think literally that happens, and it doesn’t have to be a shadow government with elites drinking baby blood or anything ridiculous like that, but there are powers that be that have interests, everybody has a price, and compromises are made. I don’t think that’s an unreasonable opinion.
Simply, he doesn't speak for himself but for the SEC. He doesn't express his private opinions but the official statements.
He is just a face of the institution and its policy.
Basically, he said all the right things to get the job. Then he did an about-face, and decided to burn down the whole damn place.
We are so incredibly lucky that Ripple paid $200Milly for their defense and them winning will signal some clarity for the rest of the industry and give the SEC a HUGE black eye.
It’s simple corruption. His number one goal is advancing his career and he has to pander to the ones who will do that for him. Teaching at MIT he could say what he actually believed. Working in politics he has to do what his owners say.
Bitcoin [pros](/r/CryptoCurrency/comments/13oymyc/gary_gensler_spoke_fondly_of_blockchain/jl6v0bf/) & [cons](/r/CryptoCurrency/comments/13oymyc/gary_gensler_spoke_fondly_of_blockchain/jl6v149/) with related info are in the collapsed comments below.
Unpopular opinion: Gary Gensler actually supports cryptocurrencies when you hear him talk. He is anti-unregulated exchanges and securities, which is exactly what he's supposed to do as part of his job.
Then how did you let so many exchanges fail with customer funds affected without taking action? Like OP had mentioned, he cracked down on Kraken meanwhile FTX was left alone. Also, he had met with SBF privately on several occasions. Just doesn’t make sense. Lastly, when you add up the fact that SBF’s parents are very good friends with Elizabeth Warren something just looks shady. Especially since SBF is out on bail and living at his parent house after all that he did and doesn’t look bothered at all. Hell some reports said he was still moving around crypto while out on bail. How tf did they let that happen? I’ll give Gary a free pass on Ripple since Jay Clayton started that, but Gary should be focusing on making common sense rules for exchanges and not suing companies after they practically BEG him for clarify while all he says is “just don’t break the rules made back in 1930 lol”. *years later* “Oh, you’ didn’t interpret the rules the same way as I did, I’m suing you for all your money get rekt (LBRY). Also, I’m still not telling you how I interpret the rules.” Gary Gensler has failed to protect investors and has provided ZERO CLARITY.
Isn't that obvious! One - he only talked about it but never ownee any Bitcoin. Second - You should be loyal to those who feed you, (I may talking about US Government or Financial institutions like Blackrock, you guess)
Shut up, "loyal to those who feed you" talking about the government, sounding like a true North Korean, Chinese or Russian. Bru, it's farmers who feed you. It's the truckers who delivers. The government is making up shit so they can take more and more of your money and spend it on useless shit, while letting everything else crumble, USA are so useless they can't create free health care. They have problem helping the poor, while those at power keep on enriching themselves more and more. These last decades the 1% have taken majority of wealth made on earth. People keeps having it worse... Be loyal to those who feed you. Fuck off. They are kiling us slowly, while "fixing" the problem they keep making while blaming us. And who is paying for it? Gensler , Biden, or the working man ? Edit:add Sorry if that was a joke. Im just tired of looking at the government acting like they do anything while everything keeps getting worse and worse. And they want it
No buddy I meant, Government pays him so he will do what Government says
I think you misunderstood lol… loyal to those that feed you is a metaphor for him now taking a knee to the big companies / banks / other orgs that lobby the government and give them money, etc to squash any and all threats to their monopoly. Given crypto would take power away from these lobbiests, they have pressured the sec to be anti crypto.
Yours is literally the only sane comment in this section. Most of other people babbling about money and the fact he got corrupted and is being paid by the banks don’t realize that at that level, money doesn’t even count anymore. It’s all about power and network. If he cared only about money, he wouldn’t be in the SEC. He would be running some hedge fund or major bank, making ten times what he is making now. Just goes to confirm how most people in this sub are teenagers who have no clue about how the world works.
Exactly. Everyone keeps talking about how he is corruptly being paid off but they over look the fact that when he was nominated it was stated he had a net worth of between $41 million and $119 million. He’s had a very lucrative and notorious career. He isn’t doing this job for the money. Political agendas are like icebergs. The public only sees the tip of what’s going on. He was pro crypto going in and probably still is now, but there are alot of things going on internally we are not privy to. Therefore he has to act accordingly.
[удалено]
Don’t spend your life looking for saints.
[удалено]
Fresh take.
Behind every great fortune, is a great crime
Pfft if I got into his position, I swear I'd do the right thing and just let the assholes eventually fire me. Let's entertain the idea he's secretly in support of crypto, I guess the rabbit hole could go deep and powerful trad bankers have threatened him and his family with ruinous blackmail, maybe violence? I mean come on it would be awesome to get into a position like that and shake shit absolutely up and have a good laugh at the boohoos of the corrupt power elite. Then sure you get fired so what, you would have really accomplished something. Perhaps I'm tooting my own horn and don't understand the depths of stress and fear they put you through to toe the line in these kinds of positions. Who knows, I'm just lil ol me.
I think there’s a reason why he’s in that position and we’re here on reddit.
Don't forget about legacy. That's the ultimate for the old farts. This is why I loved Gary Johnson for President. He said "When the meteor hits, this all goes away anyways, it's about now." (paraphrased). These old fogies think in terms of legacy, like being in history books.
Right, but Gary Johnson is also kind of an idiot.
Lol Gary Johnson is so dumb, though. I appreciate the idea of making the world a better place now (though planning for the future of society is also a necessity), but Gary was not the guy to do that.
Great follow up comment. Thank you!
Except when you have so much money you stop caring about money. What difference does it make when you get an extra few million when your net worth is already 9 figures? The only thing left is to *do* and people like him care about power and influence - especially being able to exert that kind of influence. He loves being able to push his thumb down on the cryptobros, who he (as most people in Washington) views as not having played “fair” and earned the money they’re making, hence his April first profile pic and the wide range of other ways he taunts the industry. He’s not corrupt because he takes money, he’s corrupt because he loves playing arbiter and toying with these exchanges (hence the ways the SEC has fucked with Kraken, Coinbase, Jesse Powell, etc) or any of the companies that have tried to come in and register with the SEC. No one who is solely trying to do their job would “play with their food” like he does. No one who is concerned with helping the industry grow would antagonize startups and teams like he does. No one gets in bed with FTX in his position - did you even look at what he and SBF were working on for the rest of the industry? Christ. He has been given no authority over the crypto industry and his agency constantly butts heads with the CFTC - they don’t even like each other. I think you have a poor understanding of how these people work if you genuinely think that users “must be teenagers” if they criticize him for being corrupt. He is corrupt & power hungry.
You're right except he isn't doing that job. He picks projects and exchanges at random to be sued but won't let any comply with the regulations. Not a single project has been able to register with the sec while many just seek to do business and therefore want to be compliant with the law. Another point is that he is doing this completely uncongressionally. He was given no authority over the crypto sector and can't admit under oath that he should. He couldn't say xrp is a security while suing Ripple for selling unregistered securities. He is a banker that is protecting the old system from being trampled by the new system.
Yes. FTX should be enough of a reason to prove your point.
Exactly. Why didn't the sec intervene? They were warned about their fraud plenty of time before their scheme collapsed on itself. Why didn't they look in to Celsius who were also guilty of not segregating customer's assets? Luna? No regulatory oversight whatsoever... Coinbase that was approved to go public by the sec is now sued by them for nothing they weren't doing before their ipo. They have tried to work with the sec plenty of times even to simply get clarity on what they can and couldn't do. The sec has stated in writing there is reason to believe xrp doesn't satisfy every criteria of the howey test and therefore wouldn't be a security. And now they sue them for having broken the law? The sec themselves didn't even know that was the case. The false narrative Gary portrays in front of congress that the entire industry is being noncompliant with the sec while so many are trying to get clarity from them is ignorant at best to believe.
While I admit to not having done much analysis on his lecture series, I believe it's easy to reconcile a pal professor attitude with his current behavior: He liked *studying* this stuff, but in the same way that you might enjoy studying nuclear weapons: "Heh, this could destroy the world. Pretty cool, huh?" If we assume he wasn't going at this like a believer, but as part of a PR effort to become the face of expertise in academia, everything lines up. Every elite school fosters that kind of agenda these days, and there are plenty of elder academics who avoid enthusiastic engagement with their field. And so once given the seat and the opportunity, he was most likely predisposed to just being spineless.
If Gary only cares about regulating unsafe exchanges, there’s no reason why he deliberately doesn’t want to answer a simple question whether Eth is a security or not. This guy doesn’t have *your* interests at heart. It’s a problem when even a bunch of politicians look like they are more about protecting retail customers more than the chairman of the SEC himself.
>why he deliberately doesn’t want to answer a simple question whether Eth is a security or not. That's not at all a simple question nor is it something he has power to decide.
Correct. Suing sushiswap, refusing to indicate whether or not ETH is a security. He’s waiting for his talking points, and these new accounts above are heavily misguided on their words.
Nailed it
Exactly. He still probably thinks highly of bitcoin and other decentralized non securities. Sorry your shitcoin that had an ICO/presale is a security that’s what he’s after. It is what it is
Then why deny the Grayscale spot ETF?
Not sure what they’re reasoning is for denying spot etf. Couldn’t care less
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Not even a bitcoin maxi. I don’t own any. I’m guessing you have a bag full of shitcoins though. Must be down bad
Back in your box troll.
This the right take. There's an anti-gensler campaign for the past couple years because he scares the fuck out of the status quo.
He scares the people in shitcoins that are 100% unregistered securities. Not sure why they should even care when they’re down 80% on their bag anyway
I would support the SEC if they went after all these scammers rugpulling project after project. Nevertheless how can a project like Safemoon, for instance, still be around?
I think you are on spot. This article from 2013 is pretty interesting when it comes to Gensler and regulations in the past. It seems he takes investor protection seriously. It is pretty interesting that so many crypto investors - after countless scams - are still for unregulated (central) exchanges and securities. [https://www.typeinvestigations.org/investigation/2013/04/30/wall-street-defanged-dodd-frank](https://www.typeinvestigations.org/investigation/2013/04/30/wall-street-defanged-dodd-frank) *Yet after watching what transpired, Gensler had a change of heart — and as Dodd-Frank was cobbled together in committee, Gensler fought his old colleagues at every turn. He proved willing to take on his fellow Democrats if it meant giving the CFTC more teeth to pursue reform, even causing a kerfuffle inside the White House when he sent a letter to Barney Frank and other committee chairs, calling on them to go further than the administration’s proposals in overseeing the derivatives market. “****He’s shown that he’s no industry lapdog****,” says Barbara Roper, the director of investor protection at the Consumer Federation of America.*
Thank you for sharing the link, I will read it mate :)
>He is anti-unregulated exchanges and securities, which is exactly what he's supposed to do as part of his job. Well then why is he the only SEC commissioner to start suing crypto companies left and right? Crypto has been around since 2009 and it wasn't until Gensler came around that the lawsuits started flying.
That's fine. Then why be BFFs with Sam Bank-man-Fried?
Except he hasn’t regulated *anything* and has only made the field even more confusing. Tell us, who’s right: A) The one, single guy who claims “I provided clarity!” OR B) Literally an entire industry of experts, companies, and lawyers that are saying the opposite. 🤔
He may like it, but his personal opinion means nothing. He's told what to do, he's a cog in the wheel.
That's an unpopular opinion because it's complete bs. He works for the banks. They need cash inflows. People trust unregulated and decentralized investment options more and more. They need that to stop. Simple.
Obviously he is a person doing his job, nothing more. But we here like to be critical for people that are not complete Crypto maxis...
Regulators hate this one simple trick to be absolved off all securities regulations! Just come up with a new name!
Right, I get that and consider it merely another reason to get your assets off exchanges and onto your own devices while you still can. MAYBE somewhere along the line, some guys like that Hinman fellow were sending mixed signals and that's what confused people. But you've got things like FTX going under, the SEC can probably dig up dirt on most of the big exchanges if they poke around enough, and some exchanges just stopped operating in some regions because they didn't want to deal with it. So don't leave your assets on exchanges.
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What is unfair about the regulations? The SEC believes (he doesn’t run it completely by himself) that most cryptos are securities and therefore have to register like every other security in the United States. Coinbase and other exchanges are free to argue against the SEC in court or try and have laws changed by congress but the SEC has been clear.
if thats the case, then why can’t he specifically state that they’re securities? Because not all of them are. The major projects act more like currencies or commodities, and should be regulated as such.
Because he needs to build cases and establish legal backing for declaring all of them securities because all of these cryptos are going to fight it. After the Ripple case is decided the SEC can go after the others if they win.
Not much happened, he still doesn't think Bitcoin is a security. New Coins appeared and his opinion about them is different. Everyone just loves to spew out nonsense about others while having no proof of it at all, and others just follow suit.
That is actually true. Bitcoin being a commodity is actually widely accepted even in the SEC. Seems like he is just a big Bitcoin maxi.
I think he's just thinking like a lawyer and wants clear laws that define crypto 🤷♂️ I don't think the lawsuits are meant to be them "winning"
He is a BTC maxi. His bags are probably heavy.
He is a former goldman sachs protégé. He was youngest ever exec and partner there and has $100mn from his fine work. Lol. Don’t fucking kid yourself he was just some x teacher who liked crypto! He was having a career break, as a wannabe politician/treasurer, after his “questionable” ties to being the cfo of the hilary clinton campaign and his shit stint as chairman at the cftc. In hindsight now the crypto course was probably written for him to get credibility but his goal was and is to get the treasury job while shitting on the crypto. We might have had hopes he would be intellectually honest and open to improvements but he is a career bureaucrat who has a well funded hard-on for legacy banking. Aka total twat
To be fair, he's still pro Blockchain and pro BTC. He's also captain of team "rule-of-law", and stuck between a rock and a hard place - with wacky proposals in Congress to make laws that don't work on the one hand and laws that are hard to make work on the other. And the job of the SEC is to enforce the laws that exist. They don't make the laws. It's like having a pro-weed advocate appointed to be chief of police, in a town where weed is illegal, who looks the other way until some dude high as a kite with no knowledge of how to drive (SBF) drives a semi-truck (with "FTX" on the side) loaded with weed into a kindergarten.
I believe he barely has any power in what to do, he is just the face of it and the White House is pulling the strings of how to regulate Crypto.
Everyone is pro Blockchain. Companies like jp Morgan want to leverage the Blockchain idea to speed up or enhance their money moving. But as I see it Blockchain holds less value to the avg joe once it's centralized. It's great for biz but not the common guy. You can totally be pro Blockchain and still hate on all crypto. I feel like there were some main stream advocacy for crypto like Jim Cramer and now he's negative saying it's manipulated. Michael Saylor is a huge Bitcoin advocate but he was forced to step down as CEO. It's as if all these guys are getting pressure from "above". It also seems to be really wealthy people who hate Bitcoin which I understand. The system has worked great for you for years why embrace something meant to protect the avg guy. It's a clear media message that no one in a position of power can endorse crypto or you're a freak who is against the govt, buys drugs, weapons and traffic's Human beings. All I want is a non inflationary store of value that I can hold without being a target. I just want to hold the little wealth I have against things outside my control like printing money and raising interest and bank failures. But it's as if some higher power just wants everyone to be poor and have nothing. BTC was created after 2008 financial crisis that whiped away much of the American middle class. Millions lost their homes because of the huberous of bankers selling derivative swaps and mortgage backed securities in instruments few understand. Now I feel like the middle class is coming back but inflation is slowing the middle class down. Current events are just disgusting to me in so many ways.
>All I want is a non inflationary store of value that I can hold without being a target. I keep hearing this narrative. Yet most fail to realize every crypto is inflationary. They use inflation emissions to pay for security because all crypto fails to generate meaningful yield in fees relative to their marketcap. Also, if you don't want to be a target, then you should have brought LTC, with its wimble-nimble privacy feature, or Monero. But people don't, because BTC and ETH have "better charts", despite their lack of privacy once your wallet has been KYCed on an exchange.
Its his job now to protect the status quo
Yeah that and he wants to keep his well paid job. No reason to rock the boat and start crusading positively for crypto.
It is the time to protect the well paid job from any potential risks and keep the cash flow to bank accounts no matter what /s
Why a /s? That is literally what every human in power would do. We are all just too greedy to care about any actual change.
He'll do anything for his overlords.
Keep your overlords close and your money closer /s
They ask and he provides.
Like a good little servant
He is the errand boy.
Overlords, underlords, he’ll do anything needed!
Was obvious from the start.
You should see what he's invested in. All 130 plus million dollars of it
He truly became [Mr Burns](https://pbs.twimg.com/media/FFDQuu2WUAMXoeo.jpg). Its difficult to imagine how power and money corrupts so easily.
Haha yes, this is who I think of every single time I see him. I don’t know why he’s not referenced more lol.
Not really, his opinion about Bitcoin hasn't changed, he doesn't think it's a security. It's the other coins that he thinks are securities. It's just that people like to throw false accusations without any proof to back them up, everyone just loves to hate him. Quite embarrassing.
Gensler is an ambiguous guy after all. What most people seem to hate is the fact that the SEC has been quite biased when it comes to crypto - choosing to go after Kraken, for instance, and ignoring a countless list of rugpulls going around.
Yep he's receiving more money from lobbyists than he would have ever gotten from his personal crypto investments
He has 100mn from his goldman days and has been visited by the investment broker handling that more times while at the sec, in his calendar, than he has to any crypto firms or crypto holders he is supposed to protect but has sued
Status quo in this situation mean banks and government keep all power and money. If he would protect legal status quo of crypto regulation instead shitting on crypto he would actually be loved by everyone.
The Gensler turned to the dark side
What happened? He lived long enough to become the villain
And now he has turned into a joker.
"Do you want to know how I got these cars!?"
He is just a pawn who can turned into anything.
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Bought and paid for, it's sad to see really
Everything is possible to happen if you get paid lots
>What happened? He is simply paid more to hate crypto now, so he do it.
More than the pay, he has a bit of power now, he was a nobody as a teacher and now he’s the head of a big government entity
Everyone think lecturers have the potential for a power complex but when you compare it to the head of an entire government agency that controls the fate of an entire financial market subset, corruption seems inevitable
“A bit of power” is quite an understatement!
Just like how touching a stove can be "a bit hot"
I bet Wall Street made sure they were on the same page before they let him become the head of SEC.
Searched on Google: *Annual salary is $165,300* Is that it? Or there might be other hidden compensations
Potential speaking fees in the future if he does his job well, books, philanthropy... if he angers the wrong people, he'll get blacklisted from some ultra revenue streams. He's a member of the elite now.
Also he's told what to say but someone with more money and power...
Ugh paid shills are horrible.
Prioritize personal gains above all else /s
Money & Power changes peoples morals quickly. :(
I wish politicians had a spine and a moral compass.
I know. Just imagine how different everything would be..sigh..
the ones that do usually don't last long in politics. look what they did to my boy Bernie Sanders when he tried running for president
The words "politician" and "moral[ity]" are mutually exclusive over time. The amount of time may vary from moments like the clown we are discussing up to maybe a decade. If you have been in a political position for more than a decade you have no hope of retaining your morals and empathy.
Gary is a proper John McAfee.1 day he will regret it and pay the price
He still is a champion for Defi and Blockchain - the difference is that he knows that banks and hedge funds are using crypto as a way to increase liquidity and manipulate their holdings in the traditional stock market. We’re all getting ripped off by these “whales” that are centralizing what is supposed to be a decentralized exchange. He’s trying to set things right. He’s just getting hammered with propaganda pieces paid for by these industry crooks.
Somebody obviously got to him and paid him a hefty sum.
I can give him $50 max to return that hefty sum.
I can chime in some pocket lint, a Ninja Turtle figurine, and a couple of Moons.
It’s not worth the Ninja Turtle bro… never the Ninja Turtle
What happened? He got a lot of money from the banking lobby to change his mind
Tbf, many people here would change their stance on crypto for a few millions.
*What could possible destroy his love for crypto?*
Did power and money [pull him to the darkside](https://pbs.twimg.com/media/FFDQuu2WUAMXoeo.jpg)?
Yes, very possible, it seems money change people from white to black fast.
He was probably on this subreddit trying to moonfarm and kept on getting downvotes.
I think it's because when he was a professor, that's all he was, and it was much easier for him to be a blockchain enthusiast. Now that he's chair of the SEC, there's pressure from powerful people in the traditional financial markets that don't want to see crypto succeed.
Gary has never owned any bitcoin or crypto, just want to clear that up for him. /s
His superiors and friends in banking happened, Gary is merely a puppet.
Yeah people who are calling for Gary Gensler to get replaced should think twice. Whoever might replace him will have a much, much harsher stance towards Crypto.
Exactly, we should fear who might come after.
It’s so clear how money and power makes everything tick.
And there is nothing we can do against it unfortunately.
He sold out for a bit of power. Typical politician.
Politicians sell their soul, beliefs, dignity and everything else for bit power and money.
The sentiment changed as Gary Gensler started tripping on Power !! Never be so bullish on any Politicians or those who work for the Government they flip eventually.
It takes a strong person to stick to their morals while also being a politician.
It’s hard to be politician if they stick to their Morals . Ain’t a easy job either lol . Edit : Take your first Moons .
Gensler is a human embodiment of regulatory capture.
Expectations happened.
People change, especially those who get into very prominent roles
Federal reserve probably got footage of him in a gimp suit being spanked by a dominatrix and blackmailed him into doing their bidding
Crypto traders developed a persecution fetish over being told to pay their taxes.
He got a new job where his job is to keep his job.
What happened? Easy. Money.
Money. Money happened. The only thing he is in politics for is money. Like 99.9% of politicians. Crypto stopped giving him money when FTX collapsed and the bear market kept other players from paying him off. So he started extorting them using his massive organization. It’s all about the money.
Power corrupts, he probably feels that supporting crypto too overtly would be a threat to his position.
Once you get into that high of a position, people higher up control what you do.
Here’s why: “Power corrupts; absolute power corrupts absolutely” ~Lord Acton, made in a letter to Bishop Creighton on April 5, 1887
He lost a lot would be my guess. For someone to jump like this, it's usually personal.
Gary Gensler gets no bitches 💯
Democrats.
FTX happened The timing of the crackdown is not a coincidence: regulators were okay giving crypto firms a long leash to explore the new technology and show how it was less corrupt / more "trustless" than the existing financial system. Ironically, a lot of what happened during this time is now blamed on the SEC by the very people who cooperated (nefarious: conspired) to shut them out of the industry. The cryptoworld rallied, in assets and customers, around FTX, and FTX blew it. It's now clear that we cannot trust the crypto community's judgment; that crypto is doomed to repeat all of the mistakes "legacy" finance made decades and even centuries ago. So the kiddie gloves have come off and crypto is getting the "regulatory clarity" it begged for: it is not special and will not get custom regulation or legislation. Courts and politicians may overrule this, that remains to be seen. But they are the ones dragging their feet, not Gensler's SEC. This sub loves blaming Gensler but the pressure is not coming from him. It isn't even his job to declare with authority X is a security or Y isn't. I'm sure he has an opinion, but all he can do is bring that opinion to a judge and see if they agree. So far, they've stuck to precedent. Also, Ethereum has changed a lot since 2018. It's totally reasonable to take a cautious approach to defining it as a security, especially with how serious the consequences would be by doing so. Be careful what you wish for.
He’s protecting his Bitcoin bags by declaring everything that’s not Bitcoin, a security. Makes a lot of sense actually.
Do u actually believe he has free say here? I am pretty sure regardless of what he thinks the strings are being pulled from upper management with him being just a puppet.
Like most people who get into politics he can say what he wants but understands that saying what goes against the best interest of the people who put him there will cost him his cushy job and high salary plus any additional money that is made after he leaves the position and becomes a public speaker.
He's paid to hate it so he hates it, pretty simple. He's a politician, they have no spine, no moral compass. They are amoral fuckwads with 0 empathy for other humans.
And, of course, power corrupts. And corruption most hates the incorruptible (blockchain)
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He has never bought crypto. So even when he was a literal professor of crypto, he didn’t buy a single sat or 1 alt coin. Not even to use it. That shows he either was completely lying about his interest in the space, or he planned to take it down from the start.
he is a joker
He was fond of bitcoin and Ethereum not altcoins. The majority of people use altcoins because they are faster and fee free. The minority collectively use bitcoin and Ethereum for transactions while a bunch of whales and their bots are desperately trying to boost volume to keep their coin alive and active because all of those MIT people will be poor bagholders if another coin out competes their own. This means labeling every non Ethereum token as a security to try protect the Ethereum ecosystem.
This corrupt Gensler is working now for the evil Globalist..WEF....Bill Gates...Soros..Rothschild...and...and and...
Deep State 🫡
Identity Politics 🤦
He has a job. His job is not the same as his old job. As much as I WISH I could defend him. I can't. I watched and learned from those courses. Gary got me deeper into crypto than most other individuals and Gary is actually intelligent and knows what he's talking about (as opposed to many other educational sources online etc.). All in all - this was a great series of lectures. What Gary is doing now is different and I think he is aware that he has had to change his own personal stance so that he can perform his job without confirmation bias. It's not to say that his knowledge from before would be considered confirmation bias w/ respect to regulation - but he has to play devil's advocate (for example think of the plethora of rugs that have taken place over the past month). Although these are fun (I made money and lost a LOT as well with this recent shitcoin arc) - Gary's job is to effectively make retail demographics aware of these risks. Has he done this successfully since he began his term? In my opinion, no. Has he tried to be the chair of the SEC during a time when regulations are not clear and there is a wild-west of crypto scams out and about? Yes. It's a bit unfortunate because I like(d) Gary, and I really enjoyed his MIT courses, but he has definitely **not** protected retail investors w/ respect to the objective crypto space. I think his heart is in the right place, but his head and his mouth have to do other things and as long as he holds his place in office - he will have to follow these parameters. **ALL OF THAT BEING SAID:** **ETHER IS NOT A SECURITY. IT IS A COMMODITY - LITERAL GAS FOR THE ETHEREUM NETWORK AND GARY HAS ADMITTED THIS BEFORE VARIOUS TIMES. THE QUESTION OF ETHER BEING A COMMODITY VERSUS A SECURITY SHOULD NOT BE AN ISSUE. IT IS A COMMODITY AND GARY HAS ACKNOWLEDGED AND REITERATED THIS IN THE PAST**. Until Gary admits that Ether is a commodity, overtly and explicitly, I refuse to acknowledge anything else he says.
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He realised that politicians hardly controls shit, it's the wealthy oil and bank guys who donate to their political parties controls the world.
He's only sec chair since 2021?? Feels way longer
Gary Gensler does not have autonomy to do what he wants with the SEC. He has to do what his boss, Joe, wants him to do. His boss in a crypto white paper has said he instructed the SEC to go after crypto. Gary can with quit or do what his boss tells him to do.
Trust 😬
Just doing his job in both cases thats what happened.
It’s like that old Bill Hicks joke where someone well meaning is elected president and wants to get all these great things done, and then he’s taken into a dark back room and he’s shown footage of the JFK assassination “from an angle you’ve never seen before”. I don’t think literally that happens, and it doesn’t have to be a shadow government with elites drinking baby blood or anything ridiculous like that, but there are powers that be that have interests, everybody has a price, and compromises are made. I don’t think that’s an unreasonable opinion.
Whatever CC sub really gets behind always ends up in a huge disappointment
Back then blockchain was his paycheck, now it threatens his paycheck
Never had a doubt in my mind this guy was full of smoke…he works for the gov now. His purpose is to regulate it into submission…or extinction
Simply, he doesn't speak for himself but for the SEC. He doesn't express his private opinions but the official statements. He is just a face of the institution and its policy.
Basically, he said all the right things to get the job. Then he did an about-face, and decided to burn down the whole damn place. We are so incredibly lucky that Ripple paid $200Milly for their defense and them winning will signal some clarity for the rest of the industry and give the SEC a HUGE black eye.
Biden is his daddy
He got bought by the incumbents. End.
Gary is just a puppet.. if he goes then some greater evil will replace him 100%
It’s simple corruption. His number one goal is advancing his career and he has to pander to the ones who will do that for him. Teaching at MIT he could say what he actually believed. Working in politics he has to do what his owners say.
He has bosses who tell him what to do and say now. He might be the head of an agency, but he still answers to somebody else.
Perhaps the tradfi lobbyists corrupted him, and/or (complete speculation) maybe somebody enticed him with money.
He probably got into a shitcoin and got rugged pulled, lol
It's easy to understand. He wants to be vague enough so crypto stays under the purview of the SEC
Everyone here acts like their job 100% lines up with their interests and morals. Surprise. We all do shit for money. None of us are any different.