- Critics claim Gensler’s SEC policies stifle crypto innovation and democratization.
- Public figures question Gensler’s use of taxpayers’ money and Wall Street background.
- Tensions escalate between traditional financial institutions and the evolving crypto market.
Recent reports show high-profile financial commentators express their contempt over Securities and Exchange Commission (SEC) Chief Gary Gensler’s policies. Scott Melker, also known as “The Wolf Of All Streets,” voiced his anger on social media. He termed Gensler’s approach as “absolutely disgraceful.” Consequently, the hashtag “#FireGaryGensler” is now making rounds on Twitter.
Absolutely disgraceful. #FireGaryGensler https://t.co/We2MaySShU
— The Wolf Of All Streets (@scottmelker) June 10, 2023
Significantly, Melker isn’t alone in his criticism. Ryan Selkis, a well-known crypto analyst, also decried the SEC’s protection. Despite his impressive earnings from Goldman Sachs, he questioned the use of taxpayers’ money to support Gensler’s role.
“Aren’t you grateful your tax dollars go to Gary Gensler – who already made $100mm from Goldman Sachs?” Selkis asked his Twitter followers.
Selkis concluded his thoughts by asserting that Gensler is simply “pulling the ladder up behind himself.”
On the same accord, as per a Selkis tweet, digital currencies’ market value is currently on a downtrend. This is a result of increased regulatory actions and government interventions. The post further reveals that the overall market has suffered a 7.67% depreciation when analyzed using the Return on Investment (ROI) metric.
Is SEC a Protection or Obstruction?
Critics suggest that under Gensler’s leadership, the SEC is inhibiting rather than fostering market innovation. The question being raised is: what does SEC “protection” really mean? Selkis, for instance, sarcastically thanked the SEC chief for allocating taxpayers’ money, indicating a perceived misuse of funds.
Additionally, there is growing concern over whether Gensler’s actions are stifling the potential of the blossoming cryptocurrency market. Moreover, critics argue that his Wall Street background could be blinding him to the promise of democratization that cryptocurrencies offer.
Hence, the outcry is not just about Gensler’s earnings but also his stance on crypto regulation. Detractors argue that his approach doesn’t serve the broader public but only a privileged few.
Significantly, this debate underscores the tension between established financial institutions and the rapidly evolving crypto sphere. However, it remains to be seen how these critiques will shape the future of crypto regulation under the SEC.
