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SEC’s Gensler: ‘A lot of people will get hurt’ if crypto remains outside of policy framework

SEC’s Gensler: ‘A lot of people will get hurt’ if crypto remains outside of policy framework

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  1. “Outside of policy framework” meaning anything without kyc, anything above 0.5% APY, anything a billion dollar entity doesn’t control and profit from, but most importantly… anything that doesn’t fund a multi billion $ lobbying cabal to buy their politicians.

  2. He’s not talking about Bitcoin. He’s talking about “DeFi” platforms, and cryptocurrencies that had a prеsale or an initial coin offering. He was an MIT professor specializing in cryptocurrency. He understands that many cryptocurrencies are non-compliant securities and he knows that most of these “DeFi” platforms are not decentralized.

    He understands that Bitcoin is not a security. He understands that Satoshi Nakamoto’s innovation is real. Those are his own words. He is not coming after bitcoin. It’s his job to enforce securities laws and he has acknowledged that Bitcoin is not a security.

    https://www.sec.gov/news/public-statement/gensler-aspen-security-forum-2021-08-03

    He knows about the never ending DeFi attacks: https://github.com/jwparktom/DeFiAttacks

    He understands these DeFi platforms are not decentralized or secure: https://www.rekt.news

    He knows that DeFi “rug pulls” and exit scams made up 99% of all crypto fraud schemes in the second half of 2020. https://decrypt.co/55787/defi-rug-pulls-were-cryptos-top-fraud-scheme-in-2020-ciphertrace

    He understands the crypto market is filled With unregistered securities and prices are open to manipulation. https://decrypt.co/77574/gary-gensler-crypto-market-securities-aspen-institute

    He understands that the crypto market is “rife with fraud, scams and abuse.” https://www.cbsnews.com/news/cryptocurrency-market-fraud-scams-abuse-securities-and-exchange-commission-chairman-gary-gensler

What do you think?

The US Department of Justice (DOJ) announced today that it has created a National Cryptocurrency Enforcement Team (NCET) to tackle cryptocurrency crimes.

US Department of Justice creates NCET to tackle crypto-related crimes.

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