As criticism grows, Gensler’s perspective on cryptocurrencies appears distorted. Upon entering the U. S. Gary Gensler, the chairman of the SEC, has frequently been mentioned as the prohibition tool of electronic possessions and the related sector.

The Gensler has taken a very heavy-handed approach to the cryptocurrency market over the last 18 months, enforcing stringent policies and levying numerous fines to make players in the market conform to rules.

The reaction of Gensler

Despite taking an assertive stance on cryptocurrency regulation, Gensler has largely kept quiet about some of the major issues that advocates for digital assets have long been discussing.

The SEC, for instance, has repeatedly stated that the majority of crypto available today could be categorized as securities but has yet to specify which cryptocurrencies fall under this category. 

Gensler has previously emphasized the existence of numerous laws that offer sufficient understandability with regard to the prescript of the cryptocurrency marketplace.

In a late examination of the Bloomberg researchers, he stated that in order for intermediates like cryptocurrency exchanging and loaning services to provide investors with the protection they are entitled to, those intermediaries must follow SEC compliance regulations.

For registration mistakes, businesses like BlockFi could be hit with fines of up to $100 million.

The SEC-related crypto cases

Similar to this, the Securities and Exchange Commission registered an interior exchange legal case against the previous Coinbase workers in the summer of this year, verifying that a sum of 7 cryptocurrency possessions suggested by the exchanging service were unlisted safeties.

Additionally, the agency is allegedly looking into the different procedures used by Coinbase to choose the crypto assets it supplies to its cases, according to public documents.

Gensler is still the target of critics. Since Gensler assumed leadership of the SEC, criticism of his ostensibly self-asserting attack on the cryptocurrency ordinance has increased.

Brian Armstrong, the CEO of Coinbase, for instance, declared late last year that the Securities and Exchange Commission had prohibited this company from introducing brand-new functions, preventing clients from profiting from crypto assets.

Regarding this, Coinbase has received a notice from the SEC.