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Crypto Sector Turns Against SEC Chief Gary Gensler

Press Releases Crypto News BeInCrypto Crypto Sector Turns Against SEC Chief Gary Gensler

In the US crypto sector, few figures are as hated as Gary Gensler has become in the past week. And the Chairman of the Securities and Exchange Commission (SEC) has quickly become crypto’s public enemy number one.

Not since Sam Bankman-Fried’s spectacular fall from grace has anyone elicited so much vitriol among the less censored corners of the crypto sphere. And even among crypto firms’ carefully worded statements, a deep resentment can be found just below the surface.

David Sacks Accuses Gensler of Exceeding His Authority

One of the high-profile voices criticizing Gensler this week has been David Sacks.

During an episode of the All-In Podcast on Saturday, the tech entrepreneur of Paypal Mafia fame had some strong words for the SEC Chairman.

Commenting on the SEC’s recent legal actions against Coinbase, Sacks argued that there are no consumer protection issues at stake as there may have been had the commission targeted FTX earlier.

Because “Coinbase has essentially done everything right,” he contends that “what Gensler and the SEC are saying is that it is not legal to operate a crypto exchange in the United States.”

He added that he thinks only Congress has the power to impose such sweeping restrictions. As such, Gary Gensler is “far exceeding his authority” in effectively curtailing the ability of U.S. citizens to trade cryptocurrencies. “It is not up to the chairman of the SEC to say that Americans should not be holding crypto,” Sacks emphasized.

Gensler-Warren “Alliance” Out to Destroy US Crypto Sector

Sacks’ opinion that the SEC’s recent actions risk seriously undermining U.S. citizens’ ability to purchase crypto broadly chimes with industry-wide criticisms. But his next statements take on a more conspiratorial undertone.

“The scuttlebutt is that [Gensler] has an alliance with Elizabeth Warren, and the rumor is that she will make him Treasury Secretary if he basically destroys crypto in the U.S.” he alleged.

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Author: James Morales

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