Some interesting video footage from several years back has resurfaced that’s making people see Gary Gensler and the Securities and Exchange Commission (SEC) a tad differently.
Gary Gensler and His Original Feelings Towards Crypto
In the video, Gensler – not yet in charge of the financial agency – told his audience of investors he thinks four cryptocurrencies – bitcoin, bitcoin cash, Ethereum, and Litecoin – are not securities, but things didn’t quite stop there. He also mentioned he doesn’t think about three quarters (75 percent) of the altcoins out there fall into the securities category.
The video is from the year 2018. Gensler explains in the footage:
Over 70 percent of the crypto market is bitcoin, Ethereum, Litecoin, [and] bitcoin cash. Why did I name those four? They’re not securities. Three quarters of this [digital asset] market are not securities.
The footage is making many crypto investors angry at the time of writing… as it should be. Gensler, like everyone in the Biden administration, has sought to end the reign of crypto in America because this is the one aspect of finance that he and his nation-hating associates cannot control. The thing about bitcoin and crypto is they were not built to be overseen the way standard or traditional banks are.
This time around, it’s the people (the users) who are in charge. So long as they have a digital wallet and an internet connection, a person can get engaged in crypto trading and use the assets to garner everyday items they’ll need for themselves and their families. This is the opposite of the situation surrounding banks, where literally everything you do is monitored by a third party or wandering pair of eyes.
Over the past several months, the SEC and Gensler have done everything in their power to take down the country’s largest crypto businesses. There have been multiple lawsuits filed against leading exchanges like Binance and Coinbase, and the latter is working hard to prove itself and fight back, as executives claim to have been working with representatives of the SEC over a nine-year period to ensure the company always remained compliant.
Other names, like Kraken, have also fallen victim. Recently, the exchange was forced to part with a $30 million penalty fee and end all its staking activities and practices.
So Many Attempts to Shut Crypto Out
When Gensler and the SEC aren’t attacking crypto, other members of this administration are. Biden, for example, has sought to impose a 30 percent tax on all mining companies and initiate an Obama-era policy that would shut all crypto companies out of standard financial products.
It’s become clear that while Gensler may have felt one way about crypto five years ago, he’s clearly fallen into the Biden agenda of removing all individual liberties and keeping people in line with the federal (tyrannical) regime.
