As a seasoned crypto investor with a deep understanding of the blockchain industry, I can’t help but feel frustrated and disappointed by the actions of SEC Chair Gary Gensler. His relentless pursuit of regulatory crackdowns on cryptocurrencies smacks of Neo-Luddism, an antiquated mindset that resists innovation in favor of outdated ways.
As a crypto investor, I’ve heard Brad Garlinghouse, the CEO of Ripple, express his frustration yet again with the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler. He referred to him as a “Luddite of our time,” implying that Gensler is resistant to new technologies and progress in the crypto space.
As a researcher studying the parallels between past societal movements and current events, I’d like to share an intriguing comparison made by Garlinghouse. He drew a parallel between the Securities and Exchange Commission (SEC) chairman and the infamous Luddites of the early 19th century. These Luddites were known for their resistance to industrialization in areas such as Yorkshire and Lancashire.
The label persists across different conversations to denote individuals who are opposed to technological advancements. A contemporary manifestation of this label is referred to as “Neo-Luddism,” encapsulating the actions of those who express reluctance towards new technologies.
Despite instructing on blockchain technology at MIT, Genser has encountered harsh critique due to his forceful efforts to suppress the crypto industry’s advancements.
The head of Ripple frequently emphasized the risk of the United States lagging behind other nations in terms of progress in cryptocurrency technology.
Last month, Garlinghouse criticized Gensler for not preventing the FTX crisis despite his warning about potential legal consequences for crypto leaders. (Or: In reaction to Gensler’s remark about crypto execs facing imprisonment or extradition, Garlinghouse accused him of failing to prevent the FTX situation.)
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2024-07-10 21:39