Former MIT Blockchain Cheerleader Changes Tune
Gary Gensler, who once enthusiastically taught blockchain and cryptocurrency courses at MIT, now serves as the Chairman of the SEC and has made a notable about-face regarding his stance on the crypto industry. Gensler now claims that many crypto platforms are operating in violation of securities laws, raising eyebrows among industry insiders.
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In a recent tweet, Gensler shared a 4-minute video of himself describing crypto assets as “investment contracts.” He urged platforms offering such products to register with the SEC to protect American investors, demonstrating a marked departure from his previous enthusiasm for the technology.
Gensler emphasized that the issue isn't a lack of regulatory clarity, but rather non-compliance. He stated, “The law is clear; if you're a securities exchange, clearinghouse, broker, or dealer, you must come into compliance, register with us.” This statement has taken many by surprise, given Gensler's earlier advocacy for blockchain and cryptocurrency innovation.
Gensler's new role at the SEC and his altered perspective on the crypto industry have sparked discussions on whether this change results from a deeper understanding of the complexities and risks associated with the technology or if it is influenced by his new regulatory responsibilities.
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