Civil servants are often criticized. Those who take their jobs seriously accept constructive criticism, constantly strive to perform their patriotic duty, and rise above the “noise” to get the job done.
I don't think the current SEC Chairman Gensler, is working AGAINST the crypto industry. I think he's just doing his job and legally challenging the crypto industry from various angles. It's a lengthy and arduous process. But since the crypto industry is “virgin territory”, some legal precedents, rules of law, principles, and standards need to be established. At the moment, the USA is still writing new crypto laws (which include taxation) and tweaking current laws that might be applicable so that they don't have to completely “reinvent the wheel”.
We've already seen how easily people scam others and rob them of their crypto. Even Mark Cuban got scammed.
Crypto thieves don't care WHO YOU ARE. If you have crypto they can steal, they'll steal it! If they are caught, they “might” serve prison time. But will the parties who were wronged get their crypto back?
{LOL. Civil servants who work in the financial industry have probably grown accustomed to being maligned and misunderstood just for “doing their job”. The SEC Chair Genseler is no exception. No doubt he expected crypto companies to come into the courtroom with a well-paid legal team, armed to the teeth with all “kinds of ammunition”.}
If the SEC doesn't establish, rules, and guidance for “fair play” and punishment for offenders, then who will?
Also, I know lots of people think that Senator Warren is a royal pain in the butt! (LOL.). But I'm glad that at least she believes the crypto industry should be taken seriously!!
Senator Warren Says Crypto Lobbyists Are Undermining Congress on Terror Financing
Senator Warren says crypto firms shouldn’t partner with ex-government officials - Blockworks
Senator Elizabeth Warren Goes Hard Against Crypto (Again!) - Techopedia
♦ FINAL NOTE:
I published this post as a response to: Coinbase is mobilizing against SEC using ETF.
I didn't want my words to get buried in a Comments box.
P.S. Yugocean | Crypto Champion always publishes well-written and informative articles regarding cryptocurrency.
As for me? I try as best I can to stay in the loop about happening in the Crypto World. Many of my articles (links below) were written several months ago. A crypto newbie may find them helpful as a historical reference. Crypto folks who are at the intermediate or advanced levels will probably just say they know this stuff already and I'm preaching to the choir.
I'm no financial or crypto expert. All I do is THINK!
Hope you find my thoughts useful. Thanks for reading.
♦♦♦♦♦
INTERESTING FACTS ABOUT THE HISTORY OF THE SEC:
The first SEC Chairman was Joseph P. Kennedy, in 1934. POTUS Roosevelt chose Kennedy partly based on his experience on Wall Street. ... REF: SEC.gov | SEC Historical Summary of Chairmen and Commissioners
“... before the SEC started building regulations, corporate reporting on income, assets, expenses, liabilities and the like was akin to the Wild West.
So “insiders” had ... “an unfair advantage.” ...
FDR viewed the SEC as a means to national recovery from the Great Depression. He believed Kennedy, ... an ideal candidate to contend with all those other Wall Street characters.
The president was right. Kennedy knew all the fraudulent, questionable backroom ways of stuffing the pockets of finance's fattest fat cats.” ... REF: On Topic: Joseph Kennedy outfoxes the foxes as first SEC head | The Gazette
“...Kennedy began his tenure by declaring the SEC the partner of honest capital. He believed that through Friendly Enforcement of the new statutes, the SEC would "help all proper enterprises by helping them establish new checks and by setting up more positive standards." Accordingly, Kennedy's SEC launched enforcement efforts sparingly at first, and mostly against the financial industry's less scrupulous participants. ...
Subsequent SEC chairs wielded the power of an established regulatory agency with varying degrees of success, but only after Kennedy had proven to a nation that the SEC could be a critical source of stability in the constantly changing world of finance. ...” ... REF: 431 Days: Joseph P. Kennedy and the Creation of the SEC (1934-35) (Introduction) | Galleries | Virtual Museum and Archive of the History of Financial Regulation
- TAKE NOTE that the current SEC Chairman Genslser has served under both Democratic and Republican administrations. In case you're wondering if he knows what he is doing, he taught a course entitled "Blockchain and Money." ... REF: Gary Gensler: Early Life and Education, Career, Accomplishments
♦♦♦♦♦
Similar or Related Links:
Crypto Scam: Don't let this happen to you!
Understanding How Crypto Tax Proposals are Written in the USA
Understanding How Crypto Tax Proposals are Written in the USA
Alert! Reporting a Questionable Crypto Experience
Newbie Investors Should Explore Mutual Funds (Including Crypto Mutual Funds)
In Defense of the SEC. Uummm? That's Their Job!
For Crypto Transactions Why Choose PayPal?
