U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has once again shown his hostile stance towards the cryptocurrency sector in an "educational video" released on April 27. In this video he explains the basic concepts of digital currencies and the technologies behind them. However, he also takes the opportunity to launch several darts against cryptocurrencies, which he describes as "highly speculative" and "unprotected".
According to Gensler, cryptocurrencies do not have the same level of protection as traditional securities and are exposed to risks such as fraud, theft, manipulation and volatility. He further states that many of them may be considered securities and subject to SEC regulation.
Source: https://twitter.com/GaryGensler/status/1651624244445421591?s=20
The SEC chairman also questions the intrinsic value of cryptocurrencies and their usefulness as a means of payment. He assures that most of them are not used to buy goods and services, but for speculation and gambling. He also points out that they have a high environmental cost due to the energy consumption required by their networks.
The reality is that the video has generated a wave of criticism and disappointment among crypto advocates, who expected a more favorable and open attitude from the new SEC chairman. Many have accused him of ignoring the benefits and innovations brought by cryptocurrencies and of wanting to slow down their development and adoption. Others have pointed out the contradictions and inconsistencies of Gensler, who in the past has been more receptive and knowledgeable about crypto. In fact, prior to assuming his position at the SEC, Gensler taught a course on blockchain and cryptocurrencies at the Massachusetts Institute of Technology (MIT).
The truth is that Gensler has once again shown that he is not willing to make life easier for the crypto sector and that he intends to enforce strict and restrictive regulation. His "educational video" is yet another example of his negative and biased view that many institutions and governments have of the crypto ecosystem and its players.
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