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Gary Gensler recently appeared in an interview with Bloomberg where he talks about his time as the SEC Chair and his experience with the crypto space.
What’s The Scoop?
- Regulatory Actions: In the interview, Gary Gensler aimed to distance himself from his portrayal as a crypto enemy, stating that under his chairmanship, the SEC had handled over 100 cases related to crypto while his Trump-appointed predecessor, Jay Clayton, still handled around 80 crypto enforcement cases.
- Industry Critique: Gensler reiterated his concerns about the crypto space stating, “It’s rife with bad actors”
- TradFi vs. DeFi: Gensler also mentioned how in traditional financial markets, investors trade on a blend of fundamentals and sentiment, while in DeFi, it is heavily sentiment-related investing.
Bankless Take
Gensler’s time as the SEC chair has slowed down innovation in the crypto space, with his aggressive interpretations of securities law putting the brakes on builders in DeFi. While his actions highlighted the need for clearer compliance standards, people argue the lack of tailored laws has held back the industry. With his exit, the crypto space will hopefully see a regulatory pivot with more constructive policies..
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