The community responds to Gary Gensler’s latest move to crypto
Members of the crypto community applauded US Securities and Exchange (SEC) Chairman Gary Gensler's latest venture into space.
On December 22nd, Gensler shared a post on X (Twitter) confirming that there is a lot of disrespect in crypto. An SEC official said this would “undermine confidence” in the space and that would disempower victims. Gensler recently emphasized that people affected by crypto losses can “stand in line” in the courts.
There is a lot of disrespect in the crypto space. When so many people are hurt and all they can do is stand in bankruptcy court, it can undermine confidence. Additionally, this makes it difficult for bona fide actors to compete. pic.twitter.com/9L1WKa4R6S
— Gary Gensler (@GaryGensler) December 21, 2023
The community immediately responded to the SEC chairman's comments, highlighting his regular calls for the SEC to clarify what compliance means. The community shared that the SEC did not share a clear position on using the social platform's Community Notes feature, which allows users to fact-check posts on X. Note that companies like Coinbase have tried to get regulatory clarity from the SEC over the past few years.
Dogecoin (DOGE) creator Billy Marcus responded to Gensler's post saying that the SEC chairman did not issue the right rules. Marcus also went on to call Gensler “useless in every way.”
Ripple CEO Brad Garlinghouse commented on Gensler's statements. A Ripple executive described the post as “awesome hypocrisy” and called Gensler a “political liability” whose actions have destroyed the SEC's credibility.
Related: Redditors Report Deep Ripple Scam on YouTube
On the same day, the SEC said in a new filing that it “deeply regrets” some of the mistakes the agency made in the enforcement process. Paul Grewal, Coinbase's chief legal officer, said that while the SEC said it “regrets” its mistakes, the ruling is “hitting the entire American industry.” The lawyer questioned why any taxpayer or judge should believe those regrets.
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