“I wish we had more to dedicate to this," he said in response to questioning from Rep. Steve Womack about the SEC's crypto work to date. Congress is weighing a budget request from the SEC, which has sought $240 million for FY 2023 above the previous year's appropriation. Part of that push is related to its work on crypto and the need to hire more in-house experts.
"We’re really out-personed," he told Womack, ranking Republican member on the Financial Services and General Government Subcommittee. Gensler later referenced the blow-up of the Terra blockchain ecosystem and its related stablecoin, UST, though not by name. “There was one crypto complex that went from like 50 billion dollars of value to near-zero just in the last three weeks. I mean these are highly speculative, volatile, and I dare say, the public is not protected.” Gensler hasGensler went on to remark with respect to crypto exchange services:
“The crypto exchange should come in and register or, frankly, we’re going to continue to bring, use what Congress has given us in our examination and enforcement functions.”
It must be more expensive to hire an army of uninformed enforcement attorneys to build cases against alleged “offenders” than to engage with the industry & craft rules that safely encourage innovation. Perhaps they can try HesterPeirce approach now…
This is like a McDonald's franchise complaining that they don't have the staff to serve fried chicken.
5 Th circuit ruled congress was wrong to grant the SEC power
Boo hoo
...and in (apparently) anything related to financial crimes.
That’s the result of over extending and not having a well thought out plan. The biggest sign of weakness as well as disorganization within his own agency. Safe to say he is taking a shot in the dark with his whole enforcement agenda.
ETH will dominate, unless stopped. 😪😪 IMO
Congress don’t do it.
Gary needs to figure out how to regulate before he add more regulators.
best thing i've heard all day
What a loose canon!
Out-personed? Don't you mean out-classed and out-lawyered, GaryGensler ?
Ohhh!! Boo-friggin-hoo!! So your answer is to NUKE the entire industry within America and drive out innovation to our adversaries, GaryGensler?!! C'mon man! DoyourJobGensler!! xrp crypto Bitcoin SEC cryptocurrency Trending XRPL JohnEDeaton1 CryptoLawUS CoinbridgeP
When did congress gave you the power to do that? Or should I say your buddies ?( bankers,Warren….) I wouldn’t be surprised if you got few payment offshore from ETH . After all it sure looks like you will do anything to protect them
'XRPay is bad mmmmkay'
As they should be
M I TAAAAY taught GaryGensler everything he knows. 🤦🏻♂️
The thing about crypto Gary you'll always be ''out personed''!!
This should be on SNL
The SEC tried to BANKRUPT my FAMILY with a fake claim that XRP is somehow a unregistered security and their OWN SENIOR STAFF OWN AND TRADE XRP !!! How can “securities expert” OWN AN “unregistered security” 🤔🤔🤔
this is one of the dumbest statements ever made!
Remember when everyone though GaryGensler was a good thing for crypto
fintechfrank
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Here's a thought: Before throwing another 1/4 billion at the SEC to 'combat fraud', they should first do a 180 & demonstrate a rudimentary ability to go after actual fraud in the industry instead of going after legitimate builders and projects. They haven't done that yet.
You guys can't even defend your fraud in the $xrp case Finish fighting one battle before you welcome a million others
we good, thx
Guys, we need to tell everyone about this!
But now i'm puzzled, why it is even allowed?
Does anyone know how to make it commission free
It's better than trading
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