As an analyst with over two decades of experience in the financial industry, I have seen many regulatory figures come and go, but few have left such a bitter taste as Gary Gensler. His tenure at the SEC has been marked by an alarming lack of understanding for the potential of innovative technologies like blockchain and cryptocurrencies.
Ripple co-founder Chris Larsen offered a scathing criticism of U.S. Securities and Exchange Commission Chair Gary Gensler in a recent interview with CNBC, arguing that he is the worst public servant of all time.
As an analyst, I might express my viewpoint like this: “In my opinion, Gary Gensler’s tenure as a public servant has not met expectations, falling short compared to past administrators in this nation.
In the SEC lawsuit initiated at the end of 2020, Larsen was included as an individual defendant alongside CEO Brad Garlinghouse. They were both charged with assisting in the supposed securities law infractions allegedly committed by the enterprise blockchain company.
In October 2023, the agency opted to drop the accusations against the two prominent figures in the executive sphere. Previously, Garlinghouse had expressed his belief that the SEC aimed to damage their personal reputations, including himself and Larsen.
This month, the SEC decided to file an appeal, as indicated in their Form C. This document also hinted at their intention to take legal action against the company’s executives once more.
Following his first term in office, many looked to Gensler, an SEC chief knowledgeable about cryptocurrencies who once taught a blockchain class at MIT, as a beacon of hope. Yet, this ex-investment banker opted for a firm and proactive “regulate by enforcing” approach, taking action against several notable crypto companies like Coinbase and Binance. Notably, Gensler also persisted in the SEC’s lawsuit against Ripple, which was initially initiated by former Chair Jay Clayton.
According to U.Today’s report, Garlinghouse criticized Gensler as a “technological laggard” for impeding the advancement of cryptocurrencies within the United States.
The SEC has also been criticized by the Ripple boss for failing to prevent the FTX fiasco.
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2024-10-27 16:00