Wed, June 26, 2024 at 06:45

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I want to discuss a recent controversy involving SEC Chairman Gary Gensler.

  • During an interview at the Bloomberg Investment Summit, Gensler made a contentious statement that most crypto executives have gone to jail.

  • 
• Annie

  • Oh, really?

  • That's quite a bold statement!😮 What was the reaction from the crypto community?

  
• 

  Kang-hoon

  • The reaction was swift and harsh.

  • Ripple CEO Brad Garlinghouse, for instance, called Gensler's comments 'absolute nonsense.'

  • He criticized Gensler for failing to address the FTX collapse and his connections with Sam Bankman-Fried.

• Annie

  • Wow, Garlinghouse didn't hold back!

  • What else did he say?

  
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• 

  Kang-hoon

  • Garlinghouse went further, suggesting that if Gensler were genuinely working for the American people, he would have been dismissed already.

  • He even warned that Gensler's actions could cost President Joe Biden the upcoming 2024 election.

  • 
• Annie

  • That's a serious accusation.😳 Did anyone else share similar views?

  
• 

  Kang-hoon

  • Yes, indeed.

  • Billionaire Mark Cuban made similar comments last month in May.

  • During the Bloomberg interview, the host reminded Gensler of Cuban's views, but Gensler refused to speak about elections.

• Annie

  • Interesting.

  • So, how did Gensler defend his stance?

  
• 

  Kang-hoon

  • Gensler emphasized his role as a securities regulator, stating that his job is to look out for investors and issuers, and to act as a 'cop on the beat' where appropriate.

  • He insisted that there's nothing inconsistent about crypto securities and the securities laws.

• Annie

  • But the crypto industry seems to disagree, right?

  
• 

  Kang-hoon

  • Absolutely.

  • The crypto industry has been vocal about the inconsistencies in the securities laws as they apply to crypto assets.

  • However, Gensler refuted these claims outright.

• Annie

  • It sounds like there's a significant divide between the SEC and the crypto industry.🤔 What do you think this means for the market?

  
• 

  Kang-hoon

  • In the short term, this controversy is likely to be a negative factor for the market.

  • Regulatory uncertainty can lead to volatility and a lack of investor confidence.

  • Therefore, I would consider this news to be a bearish signal for the crypto market.

• Annie

  • Got it.

  • Thanks for the detailed explanation, Kang-hoon.

  • This helps a lot with understanding the current market sentiment.😊

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Always happy to help.

  • Just remember to stay informed and cautious with your investments.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.