A very “comic” regulator. Oh, Gary Gensler ! The current president of the Securities and Exchange Commission (DRY), appointed to this position by Joe Biden in April 2021, is a fanatic enemy of the sector of Bitcoin (BTC) and crypto-assets. But anger is a bad advisor, and Gary Gensler has often found himself in situations… let’s say very annoying facing political decision-makers. Without even talking about last fiascothis January 9, on the hacking of account X (ex-Twitter) of its institution, which the cryptosphere mocks with virtuosity.
SEC chief unable to answer to members of US Congress
During 2023, the president of the Securities and Exchange Commission found himself several times in embarrassment facing Senate and to the House of Representatives (House of Representatives) of the United States – i.e. the two US parliamentary chambers, forming the Congress.
From April 2023, Gary Gensler thus experienced a great moment of solitude in front of the representatives of the housestammering and showing himself incapable of answering the question: “Whether, yes or no, Ethereum (ETH) is classifiable is a security (security)? “. Since it is the job of his Securities Commission, policymakers no doubt hoped he would succeed in responding. But No.
Rebelote a few months later, in front of US senators this time. While Gary Gensler criticized (as always) players linked to crypto-assets (a sector “ filled with fraud, abuse and misconduct » in his own words), the senators of the Banking Commission did not miss it. The Republican senator Tim Scott asked Gary Gensler “ to stop stifling innovation », and that the SEC should instead stimulate innovation (we are far from it!).
Gary Gensler is unable to say why Bitcoin is a commoditybut knows how to refuse its ETFs
And one last time, at the end of September 2023, the Financial Services Committee of the House of Representatives threatened Gary Gensler and the SEC with subpoenas if they kept showing up non-constructive with elected representatives of Congress.
During the same hearing mentioned just above, the president of the Securities and Exchange Commission also showed up unable to explain to legislators why Bitcoin is a commodity (commodity). Yet, 8 years agothere Commodity Futures Trading Commission (CFTCthe other United States regulator with the SEC) classified very clearlyshe, Bitcoin as a commodity/raw material.
Coinbase and Ripple mock January 9 SEC fiasco
While this January 10, 2024, US senators demand explanations from Gary Gensler on the fake approval Bitcoin spot ETFs with the real account from the SEC, crypto players ironize on the situation.
On the side of Coinbase we propose very kindly help to the Gensler Commission, even if the latter still refuses (or is incompetent) to provide clear rules to follow for the crypto-exchange:
“Hey Gary Gensler and the SEC, this is a serious offer: as a crypto exchange, we have had a lot of experience with social media security protocols, and as a veteran and patriot, I like to help my country. If you need any suggestions, please do not hesitate to contact us. »
And on the side of Ripplewhich has moreover achieved several victories in 2023 against the SEC – so that its token XRP not be not recognized as security -, we advise the regulator “ to open an investigation into herself “, rather thanattack crypto players blindly and in all directions.
“Days like [ce 9 janvier 2024] remind me that: 1/ the SEC should investigate itself for multiple things; 2/ the community [X (Twitter)] remains undefeated when it comes to memes. »
Is it that Gary Gensler’s “Personal Vietnam” (according to the expression of Cathie Wood) will somehow end this January 10, with his capitulation and its approval of a spot Bitcoin ETF? We should logically be fixed in the next few hours.