SEC Chair Gary Gensler Slams Cryptocurrencies At NYC Event
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During a question and answer session at New York University School of Law on Wednesday, SEC Chair Gary Gensler criticized the cryptocurrency sector, stating that digital assets are unlikely to serve as currency in the future, multiple media outlets report.
Gensler emphasized that cryptocurrencies will need to prove their value through transparency and practical us
“It’s unlikely this stuff is going to be a currency,” Gensler said during the event. “It’s going to have to show its value through disclosure, through use.”
While Gensler did not comment on how the 2024 U.S. presidential election could affect the SEC or his role, he appeared to take a jab at leading figures in the crypto industry who have faced criminal charges in recent months.
20% of Americans own or use crypto. There are tens of thousands of developers and builders.
Big companies and small are creating hundreds of thousands of American jobs. These people should be encouraged not belittled. @GaryGensler isn’t just reductive, he’s not fit to do his… pic.twitter.com/XUHerAMT0g
“With all due respect, the leading lights of this field…are either in jail or awaiting extradition right now,” Gensler remarked, alluding to prominent industry figures such as Sam Bankman-Fried and Do Kwon.
The SEC has taken enforcement action against several high-profile individuals and entities in the cryptocurrency space, including exchanges Kraken, Binance, and Coinbase, as well as fraudsters Bankman-Fried and Kwon.
“Just because people don’t like the law doesn’t mean there is no law,” Gensler
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