YEREVAN (CoinChapter.com) – Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), sure ruffled some feathers in the crypto community since 2021. The latest drop in the bucket came after Gensler sued Binance and Coinbase. What can the crypto community do? Of course, retaliate with ruthless memes. Here are the best of them.
#1 Mr. Burns? Mr. Gensler? Where’s the difference?
Charles Montgomery Burns is a staple character in the Simpsons show. It doesn’t take much to see the outer resemblance. But it’s the inner workings of their soles that give the crypto community the laughs.
Monty Burns is the owner of the Springfield Nuclear Power Plant and the main antagonist of The Simpsons franchise. He is Springfield’s richest, oldest (supposedly), and most powerful citizen. Gensler, on the other hand, earned the reputation of the biggest crypto villain, living up to his Burns resemblance.
He systematically refused to offer clarity on crypto laws, claiming that the securities framework is enough to regulate blockchain technology. This brings us to the next order of business.
#2 Gensler is seeing things… Doctor, help!
The SEC Chief cannot decide which cryptos are currencies and which are securities. To be clear, a currency is a store of value, unit of account, and medium of exchange, while a security is a tradable financial asset that has monetary value.
While the difference, admittedly, might be lost on the average Joe retail investor. However, the head of the SEC, with a 30-year experience in finance, should be able to make a decision. Meanwhile, his stance fired back on investors, those he claims to protect.
Gensler asserted that the Commission “voted to issue a supplemental release” to their January 2022 proposal, requiring “significant trading platforms to come under important rules for the markets” on April 14.
Calling yourself a crypto platform is not an excuse to ignore securities laws. Calling yourself a DeFi platform is not an excuse to defy securities laws.
commented Gensler
He sued Ripple over XRP, claiming that the token is an unregistered security. He sued Binance; he sued Coinbase; he sued Genesis, and Gemini; he threatened to deem every single altcoin security. What’s next?
#3 Security problem… again…
The Chair infamously failed to identify what Ether, the second-largest crypto, is. During the April 18 House Financial Services Committee hearing, Chair Patrick McHenry asked Gensler a simple question: Is ETH a commodity or a security? The SEC official failed to give a straight answer to the Mc Henry’s visible frustration.
The crypto community was also disappointed by the SEC’s lack of insight. Ryan Selkis, the founder of crypto analytical platform Messari, called the hearing an “absolute train wreck.” Well, at least the speech earned him another meme.
#4 One-trick pony 1.0.1
On Jan 13, the SEC Chair published another video of his running segment “Office Hours with Gary Gensler.” The official compared crypto regulation to car seatbelts that come mandatory with each vehicle regardless of its model. However, the comparison crumbles upon even a shallow inspection of the SEC’s actions.
Also read: How do crypto exchanges register with the SEC? They can’t! Coinbase & Robinhood tried.
True, a modern standard seatbelt was introduced decades after the internal combustion engine. But the technology PREVENTS accidents; it does not beat drivers over the head AFTER the accident has already happened. That’s precisely what the SEC chooses to focus on instead of coming up with a valid regulatory framework.
#5 Bitcoin doesn’t dance to Gensler’s tune
Bitcoin could care less about Gensler’s crackdown and is back over $26,000 as of the New York session on June 9. True, the price action could turn bearish, but Gensler’s new outfit doesn’t look serious enough to trump the flagship coin!
