SEC Chairman Gensler has advised US forces to stay away from cryptocurrency

The head of the US Securities and Exchange Commission (SEC) – Gary Gensler – has told members of the US military to refrain from investing in cryptocurrencies.

He believes that the sector lacks proper regulation and that most of the digital assets will collapse in the future.

Another wave of doubt

One cryptocurrency critic – Gary Gensler – released yet another strike statement against the industry. lately Twitter spaceHe noted that an increasing number of US soldiers are showing interest in the digital asset sector.

However, he claimed that the niche feels like the “Wild West” due to its unregulated nature, meaning that people should not interact with it. The SEC chairman also believes that most existing cryptocurrencies will crash at some point, causing painful losses for investors:

“Most of those 10 or 15,000 tokens are going to fail. It’s because venture capital fails, new startups fail — but also because history tells us there’s not much room for micro-currencies, which means, you know, we have the US dollar and Europe has the euro and stuff Like this. “

Gary Gensler, Source: Reuters

Gensler advised soldiers not to “fall into FOMO — the fear of missing out,” arguing that bitcoin and altcoins are “incompatible” and “highly speculative.”

SEC Commissioner Caroline Crenshaw also joined the discussion, saying that cryptocurrencies are well known for their involvement in fraudulent schemes.

“They claim to be transparent, what is on the blockchain is transparent, but the rest of what is there is not transparent, and I think there have been some examples of that recently,” she concluded.

A stern attitude but with some friendly winks

Despite the criticism of the cryptocurrency industry, the SEC has also shown a kind of positive view of it in recent years.

A committee I swear Not following China’s example and banning anything related to digital assets in October 2021. Instead, Gensler said the agency will work with banking regulators to introduce expanded oversight of the sector.

The Securities and Exchange Commission (SEC) doubled down a few days later, approving the launch of the ProShares Bitcoin Strategy ETF (BITO) — the first BTC futures ETF in the United States. Then, Gensler comment:

“I think we in the formal sector should be technology neutral, but not politically neutral.”

Chairman of Board of Directors He said Early last year, the watchdog would focus on applying stricter rules to cryptocurrency exchanges. Despite these efforts, several platforms collapsed in 2022, with FTX is the most prominent example.

SEC Chairman Gensler Advises US Troops to Steer Away from Crypto appeared first on CryptoPotato.

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