Crypto Public Enemy #1 Gary Gensler Is Clueless About Crypto

Gary Gensler, the chairman of the SEC, is testifying before Congress today. Known as Goldman Gary, he’s cozy with the banks and the crypto industry’s #1 enemy. Yet, he has no idea what he’s talking about even when given a question ahead of time.

Check out how clueless he is in this segment with the House Financial Services Committee Chair, who tells us “I asked you this in private” and that it should be no shock he’s asking again in public. The question, is ETH a security or commodity? Watch all 2.14 of this.

He can’t answer the simplest question and Chair McHenry says (paraphrase at the end of the clip) that Gensler is sending out Wells notices left and right so he probably does know whether ETH is a security or a commodity.

Here in this clip Gensler admits 2 interesting things. First, that he’s taught multiple courses on blockchain including one called ‘Blockchain and Money’ but does not own Bitcoin or any other crypto asset. He called them highly speculative. And he never has (owned crypto that is).

Congressman Stihl does a nice job here of showing how Gensler’s main argument on being able to regulate crypto is that he’s taught a course on it. But look at how silly this looks having taught a course and never used it. EVER. As one of the commenters in this thread says ‘Wouldn’t Gensler have a better argument if he tried to use it and could point out its flaws?’ Yes. Yes, he would.

In this clip, Gensler has to explain how the SEC did ZERO to protect retail investors from FTX.

And Rep Emmer goes into detail about the lack of regulatory clarity that you see Messari, Kraken and Coinbase complain about on Twitter all the time saying that the SEC won’t tell crypto companies what they need to do to comply. Rep Emmer continues to say ‘Remember sir, your public statements are not SEC policy’. Watch all 5.19 of the above.

Attempt to Remove Goldman Gary as SEC Chair

Rep Warren Davidson said a few days ago that he was going to introduce legislation to get rid of Gensler. He said (correctly) that his lack of clarity and clear adversarial position against crypto is driving the industry to leave the US. Here’s more on that.

Numerous accounts on CryptoTwitter are saying that Gensler was visibly shaken by these questions and clear conflicts of interest. Like when, as many of you saw this morning, he praised Algorand 2 years ago and yesterday called them a security.

Gensler is FINALLY being taken to task for his prejudicial stance against our industry.

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