{"id":472279,"date":"2021-09-23T08:21:55","date_gmt":"2021-09-23T08:21:55","guid":{"rendered":"https:\/\/uniquehot.com\/?p=472279"},"modified":"2024-06-11T13:58:53","modified_gmt":"2024-06-11T13:58:53","slug":"gary-gensler-threaten-crypto-defi","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/gary-gensler-threaten-crypto-defi\/","title":{"rendered":"Did The SEC\u2019s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview?"},"content":{"rendered":"

Come on, Gary Gensler didn\u2019t threaten the industry. Of course he didn\u2019t, but\u2026 maybe he did? If a mafia boss repeated the exact same words, there would be no doubt. And we\u2019re quoting him verbatim. This is exactly what the Securities Exchange Commission\u2019s\u00a0 Chairman told The Washington Post. They had <\/span>Gary Gensler as a guest in their “The Path Forward”<\/span><\/a> series. The host was David Ignatius. They talked about \u201c<\/span>those five- or six thousand projects<\/span><\/i>\u201d that are \u201c<\/span>raising money from the public<\/span><\/i>.\u201d<\/span><\/p>\n

Yesterday, we focused on Gary <\/span>Gensler\u2019s comments about stablecoins and Evergrande<\/span><\/a>. Today, the topic is fighting words\u2026 or are they? Read what he had to say and decide for yourself.<\/span><\/p>\n

Gary Gensler Lures Crypto With Honey And Vinegar<\/span><\/h2>\n
The topic of the day, of course, is, are cryptocurrencies securities? And the head of the Securities Exchange Commission appeals to the exchanges and related platforms instead of aiming at the projects themselves. Interesting strategy. Gary Gensler explains:<\/span><\/p>\n
\u201cIf these tokens–and there’s five- or six thousand different projects–if these tokens have the attributes of an investment contract or a note, or have attributes of equities or bonds. And in essence, one of the core issues is that there are platforms: trading platforms where you can buy and sell these tokens; lending platforms, where you can earn a return on these tokens that have not just dozens of tokens but sometimes hundreds or thousands of tokens. And it’s highly likely that they have on these platforms, securities, investment contracts, or notes or others, that fit the definition of security. Those platforms should come in, they should figure out how to register, be an investment–investor protection remit.\u201d<\/span><\/p><\/blockquote>\n
Well, good luck with that. What will happen if people don\u2019t obey your organization\u2019s mandate, Mr. Gensler?<\/span><\/p>\n
\u201cI do really fear that we’ll keep bringing these enforcement cases, but there’s going to be a problem. There’s going to be a problem on lending platforms or trading platforms. And frankly, when that happens, I think a lot of people are going to get hurt.\u201d<\/span><\/p><\/blockquote>\n
We\u2019re not saying that Gary Gensler is threatening you. He\u2019s obviously speaking about the risks of unregulated markets. However, \u201c<\/span>there’s going to be a problem<\/span><\/i>\u201d and \u201c<\/span>a lot of people are going to get hurt.<\/span><\/i>\u201d That\u2019s what the man said.<\/span><\/p>\n
\n
Gary Gensler (SEC):
– is going after the "5000 or 6000 PROJECTS that are raising money from the public [..] anticipating profit"
– views #Bitcoin<\/a> as a "digital, scarce STORE OF VALUE"https:\/\/t.co\/aw9aQwQ0M6<\/a><\/p>\n
— PlanB (@100trillionUSD) September 21, 2021<\/a><\/p><\/blockquote>\n