Gary Gensler - The Man Trying to Stop Crypto Innovation In The US.
The creepy picture that you see above is Gary Gensler who is currently the head of the SEC (securities and exchange commission).
He has been busy building a brick wall in the middle of crypto’s yellow brick road. If you haven’t read my other piece “When the illusion becomes….” that you can find here on the site. I suggest you read when you can because it goes hand in hand with the article you are currently reading. It goes into detail on why the government wants to get it’s grubby paws around the crypto space.
The entire crypto market cap at the time of this article is sitting at $2.3 trillion dollars. Now the US gov’t being the US gov’t obviously has been keeping track of this very large and growing number. To think that they wouldn’t want a piece of that giant pie would be ludicrous.
Lucky for them (the US) they have their watchdogs such as the SEC to “regulate” and to “protect the investors” which is a crock of sh*t in my book. That $2.3 trillion dollar market cap will soon be bread crumbs compared to where this market is really headed.
They know it and I know it. The more they can slow it down and implement their “investor protection” policies the more control they will come out with in the end.
““All regulators want more jurisdiction,” he said. “But I think Gary Gensler’s vision is much broader, and frankly because of it, he’s having a negative impact - and potentially will have a really big negative impact - on retail investors and opportunities out there that entrepreneurs and innovators might provide.”
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Much like Senator Tom Emmer I would like to see some regulatory structure being implemented into the space. Now why there has been definitive tax rules imposed onto market participants and other policy written here and there. The crypto market is up in arms asking for guidance.
Unfortunately Gensler would like to paint a different picture and lately the biggest question is whether or not certain crypto assets or even products being offered within the space are actually securities.
Janet Yellen - US Secretary of Treasury
In my opinion like Gensler another lapdog for banks in the United States. She has stated publicly she would rather do away with crypto currencies because in her opinion they are threat to our monetary system.
She realizes that these technologies are a threat to the control the government has over the people. She as well as other bad actors within the US government do not wish to relinquish that control thus her efforts to slow down or even stop the develop of such technologies are very deliberate and out in the open.
At this point all Gensler is trying to do is create the narrative of the space not wanting regulation or guidance when this couldn’t be further from the truth. All Gensler would have to do if he were really interested the evolution crypto in the US is have a sit down with other regulatory bodies.
As well as leaders in government and start laying down some laws. But that isn’t what he wants to do. He wants to rule with an iron fist and create an atmosphere of confusion in order to capture revenue in the form of fines and ultimately drive out innovation from our nation.
That’s the truth. He has zero interest in moving this new asset class forward. At least not the way he sees it.
In closing.
It is hard to say where the space is headed as far as regulation. But it is here to stay. I will guarantee that much. These people are going to pull out all the stops in order to gain as much control as possible. In the meantime we need more and more people like senator Emmer in our corner.
Jk
