YEREVAN (CoinChapter.com) — Gary Gensler, the Chairman of the US Securities and Exchange Commission (SEC), is having mood swings again. The 66-year-old former Goldman Sachs investment banker is back in his superhero cape, ready to save the world. Gensler’s relentless and dedicated fight against cryptocurrencies has now brought him to the doors of Kraken, one of the largest crypto exchanges.
What weapon has he chosen to deploy this time, you ask? Meh, nothing super exciting. The good old classic lawsuit from his “I hate crypto” toolkit.
Yup, you read that right. Don’t tell me you are surprised because nobody else is. Not even Kraken executives. We all expected it.
I am not exaggerating. Gensler’s lawsuit is the only thing that is predictable in crypto. Everything else can be unexpected. Price surges, rug-pulls, market crashes, hacks, you name it. All of that may or may not happen. But Gensler will happen to you. Guaranteed!
Even if you are a big risk-taker when investing and don’t want to consider everything else experts warn about, keep that in mind. Whatever you invest it will face his wrath at some point or the other.
Rumor has it, that developers now expect the SEC and Gary Gensler to come knocking even before they have launched their projects.
If you own a crypto company, don’t think you have done everything right. Gensler will find something to sue you for.
He is like one of those traditional grandmothers who hate to see change. We all know of old men who tell stories of how great everything was until “this generation” came and screwed it up.
The crypto industry heralds the new winds of change that threaten the old-guard financial system. Of course, Gensler and his masters are afraid of losing their grip on power.
Will Cryptos Suffer After Gary Gensler Sues Kraken Exchange?
Now, let’s be clear: Gensler hates it when crypto companies rub their successes in his face. Remember how he went after Binanace.US? Now, I am not saying the firm is flawless, but hey. He wasn’t going to let them shine without taking some of their limelight, was he?
Well, according to reports, the SEC is ready to drop the case if Changpeng Zhao (CZ), the founder of Binance, shells out $4 billion. No kidding.
Let us also remember the time he went all out to take on Coinbase, another major cryptocurrency exchange. As I said, he hates crypto success stories. Now, it is Kraken’s turn to see who’s the boss.
According to the SEC, the exchange sold several crypto tokens as unregistered securities. The list includes Solana (SOL), Cardano (ADA), and Polygon (MATIC).
I know what you are thinking. Where is XRP? Didn’t the SEC go from pillar to post to prove it was a security? Well, that suit hasn’t aged well for Gensler.
Oh, and isn’t the irony rich? The SEC should be preventing market manipulation. However, under Chairman Gary Gensler, it seems to be manipulating the market against crypto.
His attempts to paint the entire industry with the same brush are aimed at preventing the transparency and efficiency Bitcoin (BTC) and cryptos bring to the world of money.
Scientists believe a huge asteroid or a comment caused dinosaurs to go extinct about 65 million years ago. None of their roars and scary tactics prevented that.
Well, crypto is that modern solar system orbiter and I am not suggesting Gensler is the dinosaur.
