Gary Gensler Seems To Be In A Personal Vendetta Against Crypto And He Is Losing It

Gary Gensler the head of the SEC has make noises in the cryptocurrencies world since he started to target cryptocurrencies and calling them securities, he also went against some exchanges like Kraken, Binance and Coinbase.

The reality is that if you take a closer look, it is very hard to classify a cryptocurrenculy as a security, it has nothing to do with a security, and it's meant to be a decentralized system, with no point of authority, with the objective of serving as a currency with no company or CEO behind it.

Taking us back to the point, Gary Gensler offered to be an advisor for Binance not so long ago, Binance rejected this and it was sometime after this decison that Gary started to attack anything that moves in the cryptocurrencies ecosystem.

Gary first wanted to win the SEC case against XRP, that went horribly wrong for him, with the judge deciding against the SEC. If the SEC had won this case, a door would be open for Gensler to do a wipe in the cryptocurrencies ecosystem, he could call everything as a security and take everything to court. The judge decided that XRP was right and that opened another door that Gensler wasn't expecting, now in the United States every cryptocurrency called as a security can be defended by just calling the case of the SEC against XRP. Gensler shoted himself in the foot with this one.

Gensler turned himself against other coins like ADA, Matic and SOL, but XRP can be called one of the most centralized coins in the ecosystem and it won the case despite of everything, so the case for the others seem to be easy to solve.

The one thing that the SEC might be able to touch is exchanges like Binance using their own coin, but that can be hard aswell for the SEC. As for Kraken, the case is even harder, they don't have their own coin, the only thing they can be accused of is trading unregistered securities (that's what Kraken was accused of and it was settled in court), which the XRP case comes to dismiss.

Gary seems like he got a little to frustrated with Binance and started to point everywhere with no logic and no objective, it only takes some studying to understand cryptocurrencies and what they are, incredibly this is what the SEC is payed to do, but they do it wrong everytime.

It's time for the SEC to accept crypto or the US will lose a giant market, the market in general is already taking measures to leave the US, that's an oportunity that the US can't afford to lose and the ones that will get affected the most are its habitants.