Merely hours after the Securities and Exchange Commission (SEC) filed lawsuits against both Binance and Coinbase – two of the biggest and most popular digital currency trading platforms in the world – the agency’s head Gary Gensler made comments that the entire crypto industry is “built on non-compliance” and that the U.S. doesn’t “need more digital currency.”
The SEC Is Mixed Up
With that latter comment, it truly becomes clear what Gensler is all about… Getting rid of crypto in America for good. He doesn’t care about rules or regulation or financial growth. He has an agenda to dismantle crypto 100 percent, and he’s clearly not going to stop until he gets what he wants.
This makes sense given how many companies his agency has been going after. It can’t be that all these firms have committed crimes or gone against present rules. It’s simply impossible. Coinbase executives, for example, after getting a Wells notice last April that informed them of impending charges from the SEC, even commented that they had met with several representatives of the financial agency over a nine-year period to ensure they always remained compliant.
It’s simply out of the question that during those nine years and all those meetings, the SEC didn’t catch onto crimes Coinbase was engaged in. The idea that it’s taken this long suggests that Coinbase has done nothing wrong, and it’s simply the next big victim to be added to Gensler’s ongoing financial death list. It’s not fair, it’s not right, and it goes in tandem with what we’re seeing in America today.
Gensler has yet to have any say in the officiation of the crypto industry. He has never worked towards any regulatory matters, and now we know why… He’s not interested in the regulation of the space; he’s interested in the death of the space. Following his comments that the U.S. doesn’t need crypto, he mentioned:
We already have digital currency. It’s called the U.S. dollar. It’s called [the] euro. It’s called the yen. They’re all digital now.
This tells us that not only is Gensler probably a nasty person, but he’s also completely out of it. He refers to fiat assets like the U.S. dollar, the yen, and what have you as “digital.” How, Gary? How are they digital? The last time we checked, $1 was still printed out in paper form. What are you talking about?
Fiat and Digital Currency Are Very Different
Is he referring to credit cards? While they may be centered around digital forms of fiat, the money in question doesn’t come from the plastic card that’s used to make purchases. Thus, the money itself is not digital. What does he mean?
You know there’s a problem when the head of a financial agency doesn’t understand or comprehend the differences between financial entities or tools.
