The SEC, under Gary's leadership, is doing such things that it is not known whether it is taking decisions against the interests of the US and investors after thinking carefully or without thinking. And he (Gary) is harming himself too.
Industry Comes Together
Competition in the crypto world remains intact, but the biggest players of the crypto world (Binance and Coinbase) have been sued at the same time, so all industries have become cautious. Everyone is using crypto somewhere, all piling up charges against Gary to avoid direct action
Gary defending his (mis)action unsuccessfully
Gary Gensler bases his defence on the problem of Ponzi schemes and fraud in the crypto market, arguing that securities regulations are necessary to protect investors. But analysts find something wrong with Gary's behaviour and efficiency. The ghosts of FTX and SBF follow Gary as an example.
Even Politics Is Not Favouring Gary
There is also turmoil in politics regarding crypto; Gary could not answer before the US House of Representatives, and the US presidential candidate is a supporter of bitcoin and other crypto, so it does not seem that the rules and decisions implemented by Gary will be legally valid.
