Gary Gensler Faces Backlash due to his Comments on Crypto Regulations

The crypto market is nothing like the standard financial markets that are built on the idea of capitalism and are there to simply make money and not to serve others in any shape or form.

The crypto market, on the other hand, has a bit different agenda, and that is to make sure that each and every person out there has access to their personal finance whenever and wherever they want. This is the very etymology of the crypto market, and decentralization does play a neat role in making sure that this agenda is lifted in the spirit that it was intended.

The chairman of SEC, Gary Gensler, has recorded a new interview with the Wall Street Journal in which he has targeted the crypto market once again for being different. This has been taken as a kind of discrimination among the crypto market enthusiasts, and they have said things to Gensler that are far from nice.

During the heat of the moment, it was also stated by various crypto enthusiasts that Gensler has apparently lost it and should resign from SEC ASAP. The comment was rather mean and targeted the decentralized essence of the crypto market, which is pretty common for regulatory agencies to do because they do not have any oversight over the aspects of decentralization.

Gensler’s Opinion About Crypto

Gensler said that SEC is treating the crypto market like the rest of the capital financial markets out there, which was wrong to say and discrimination against the use case of cryptocurrencies. He further argued about the downfall of various BlockFi and DeFi crypto exchanges and firms going out of business and wasting away the hard-earned money of the investors.

It wasn’t simply the money that was gone, but with it was gone the trust and faith of the people that they once had in the crypto market.

Gensler also hinted at the aspect that the crypto market should be tamed and regulated in such a fashion that investors have some kind of reassurance while putting their foot down and investing their savings into this volatile chimney. Gensler sounded exactly like a lawyer trying to defend their client, which is centralization and unnecessary regulation.

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