2y ago

US Lawmaker Calls for SEC Chief Gensler's Dismissal in 2024 over alleged corruption within the SEC

examiner.com

US Lawmaker Calls for SEC Chief Gensler's Dismissal in 2024

6 comments

I'm quite ignorant on financial stuff, but the guy introducing the bill to remove him has tried to introduce a different bill several times that normalizes cryptocurrencies into the US financial system and says that token based cryptocurrencies aren't securities. I don't necessarily trust his intentions here
- I can't say something about this politician, but cryptocurrencies aren't securities, at least most of them. These are decentralized networks, meaning that the classification as securities would effectively ban them in the US as there would be no realistic way for most crypo money to be regulated by the SEC. Acquiring the SEC license is also time-consuming and costly, which means that only a few players in the financial markets would be able to fund crypto projects and/or exchanges, which would again undermine the idea of decentralization.
  
  I can see why Bitcoin is not considered a security but this seems to say most others are
  https://www.reuters.com/business/finance/what-makes-crypto-asset-security-us-2023-06-07/
  the classification as securities would effectively ban them in the US
  I don't really see this as a bad thing. Cryptocurrencies are volatile and awful for the environment
Gentler defaults to the courts rather than discussions and rule making. That’s dangerous because every court decision is binding, and not always what the SEC wants.
Furthermore he’s two faced. He told crypto companies to come talk to him and let’s make some rules together. Every company that talked to him now is being sued by the SEC and has publicly said they got stonewalled before.
Dude needs to go.

6 comments