Elizabeth Warren Wants The SEC To Kill Crypto. Gary Gensler Had Better Not Agree.

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SEC Chairman Jay Clayton is expected to release a statement on the regulation of cryptocurrencies and initial coin offerings. The announcement will set the tone for how the US government will approach regulating cryptocurrency, and could have a significant impact on the future of crypto markets.

Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), was nominated by President Trump to be the next SEC Chairman. If he is confirmed, he will have a lot on his plate. Elizabeth Warren has been pushing for him not to agree with her and kill crypto.

Elizabeth Warren Wants The SEC To Kill Crypto. Gary Gensler Had Better Not Agree.

Jared Whitley is the author of this piece. The date is July 23, 2021. (Looking for Alpha)

Senator Elizabeth Warren (D-Massachusetts) has said unequivocally that she views cryptocurrencies as “bogus private digital money” and a societal disease that must be eradicated via legislation. In other words, she has no clue what blockchain technology is, what it accomplishes, how it works, or why people use it — but it must be stopped, and she will.

Warren, like many elderly progressives in Congress nearing their sell-by date, is so out of touch on this issue that young progressives in her own party shake their heads at how incorrect she is.

Warren, on the other hand, is not some harmless granny screaming from her porch; she is the head of a Senate Banking subcommittee, and she has the power to make serious changes. Warren, in a recent letter to US Securities and Exchange Commission Chairman Gary Gensler, requested that the agency begin seizing more regulatory authority in order to shut down US-based bitcoin exchanges. Legal and industry experts believe Warren colluded with anti-crypto zealots inside the SEC to write that letter as a Beltway power play, hoping to cement the SEC’s reputation as “the Terminator” before other agencies, such as the Commodity Futures Trading Commission (CFTC), dare to legitimize the utility and benefits of this new technology. Taking a step back, it was a desperate move by a group of Washington dinosaurs who are on the verge of being history’s losers, and Gensler’s agency is in disarray.

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The sec chairman is Elizabeth Warren. She has called for the SEC to kill crypto. Gary Gensler, who was chair of the CFTC, had better not agree with her.

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Emilia James
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