Gensler Calls Crypto Full of Outsized Piece of Scams, Frauds

[TomPluz]

From here: https://cryptonews.com/news/gary-gensler-attributes-secs-focus-on-crypto-to-financial-media-and-fraud-concerns

Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), defended the agency’s attention to the crypto industry in an interview, asserting that it’s not an undue focus but rather a response to the prevalence of scams and frauds within the sector.

Gensler emphasized that while crypto represents a small portion of the financial markets, it disproportionally contributes to issues such as scams and frauds, attracting significant media attention.

While I fully agree with the honest assessment that the cryptocurrency industry has become a paradise for many scammers, hackers and similar evil players whose main intention is to fool people for their hard-earned money and to create havoc with many platforms to steal as many digital assets possible, there is also a big problem with SEC with the way it is working with players of the industry because it is looking at it as enemy instead of as partners so all can be working to weed out scammers and fraudsters from the industry. And SEC must be making things clear and not cloud many things so everyone can be guided accordingly and if possible work with the industry to come up with regulatory framework that all can submit to.

Are you on the side of SEC with Gary Gensler or you think there are many things that SEC seems to fail to fully understand in regards to the cryptocurrency industry?

[Lucius]

Gensler is obviously a man who has a negative attitude towards cryptocurrencies and this is something he has expressed many times. When you add to that that there is a lot of truth in what he says when it comes to crypto-scam, then his personal beliefs have a reflection in relation to his official duties as well. In addition to all this, it can be seen that a good part of American politicians are quite anti-crypto-minded, and that there is a strong lobby that advocates much stricter measures and regulation when it comes to Bitcoin and all other cryptocurrencies.

I am definitely in favor of doing everything possible to reduce the chances of scams in the crypto-industry, but not in the way of saying that they are all bad and going towards complete bans. In any case, there should be some order on the market, even though I do not approve of going in the direction of disabling any kind of privacy when it comes to any services that enable it.

[Aanuoluwatofunmi]

People like this are part of the constituents to what governments are taking as charges against the use of bitcoin, instead of them standing for bitcoin and defending it for the peoples interest, they will rather insist that its part of what is making the economy get worsen with illicit activities like theft, fraud and scam, we don't need people like this to continue spitting out their falasy on bitcoin when they lack the basic concept behind what is is meant for.

[joniboini]

OP, are you sure your link is correct? I can't find the right article and clicking it only shows a 404 error (the website loads properly, just that there's no news on the page).

Anyway, I think he is missing the point, or deliberately missing the point of many criticisms aimed at the SEC. No one is saying they should not put their focus on crypto or prevent scams etc, just that the way they do it is terrible. They need to fix their habit of making misleading claims like what happened with Debt Box too. CMIIW.

[electronicash]

he hates crypto and the scam but then he also helped the scammer FTX Sam Bankman. just so he will not appear as if he failed in busting crypto scams, they are now jailing the kid. in his recent interview on Squawk Box, he got mad at the host for asking too much about crypto when its total cap is just $2.30T. 

he fully understand crypto since he even teach blockchain in MIT. what he failed to understand is how scams work in fiat system.

[Captain Corporate]

Not that he is wrong, I mean if we look at the situation in crypto for the past few years we could see an increase in amount of money people are trying to scam from others, that seems like a wrong think to do obviously but it wasn't something that the government used to care about. So the fact that they are actually doing something about it for the time being makes me happy. I am not saying that it is a good look for us, but the blame is not at Gensler, it is those scammers who are ruining our name.

[LogitechMouse]

While I agree with what he said where the crypto industry has been the haven for scammers and hackers out there, I just don't like the fact that the SEC doesn't do anything to at least lessen the number of scam incidents. He's just sharing his opinion, but he doesn't do anything to the current problem.

TBH, this is the first time that I will agree with the negative opinion of Gensler towards cryptocurrency. I mean we know already that he's against crypto in general, but he's right on this one. I just hope that he will do something to at least lessen the scam and hack incidents in the industry.

[joniboini]

So the fact that they are actually doing something about it for the time being makes me happy. I am not saying that it is a good look for us, but the blame is not at Gensler, it is those scammers who are ruining our name.

I don't think most of us hate the SEC for that. Most criticism against them is not about their goal but how they do it. You are not at fault for doubting whether their goal is truly good. Especially if you look at how they file a claim without evidence as I mentioned above. You can blame Gensler or the SEC for their inconsistencies, just like how you blame scammers for stealing money or the police when they do a terrible job at protecting you.