SEC TARGETING Crypto: Which Projects At RISK??
👨🏫What Is The SEC?👨🏫
The Securities And Exchange Commission or SEC is a government agency in the United States created in 1934 in response to the Wall Street Crash of 1929 which caused The Great Depression. Naturally, the purpose of the SEC is to help prevent a crash like that from happening again
🕵️♂️SEC’s Attitudes Towards Cryptocurrency🕵️♂️
As you can see, the SEC is headed by five commissioners. One of them holds the role as chairman who acts as the de facto spokesperson for the SEC among other things The SEC’s current commissioners are Caroline Crenshaw, Allison Lee, Elad Roisman, Hester Pierce, and Gary Gensler who is the SEC’s chairman Of the five, only Elad, Hester, and Gary have commented about cryptocurrency. Both Elad and Hester have favorable views of the industry
👨💼Gary Gensler’s Crypto Background👨💼
In contrast to his commissioner compatriots, Gary is an investment banker by trade and spent half of his 40-year career working for Goldman Sachs Gary has spent the other half of his career working in high positions at various government departments including the US Department of the treasury and the commodities and futures trading commission Gary taught at MIT was about cryptocurrency and blockchain in the fall of 2018, and you can watch the whole course for free right here on YouTube
😱Gary Gensler’s Recent Crypto Comments😱
In an online event hosted by the Aspen Security Forum, Gary noted that most cryptocurrencies need to be regulated, and paid specific attention to stablecoins and DeFi
⚖Which Cryptocurrencies Will The SEC Target And When?⚖
The good news is it’s unlikely that the SEC will clamp down too hard on cryptocurrency any time soon. This will change when politicians return from their recess in mid-September It looks like the SEC will target any cryptocurrencies and projects that compete with banks. This means DeFi, crypto CeFi, stablecoins, and more
🏦SEC Controlled By Banks?🏦
As it so happens, former SEC chairman Jay Clayton also spent decades hanging out on Wall Street where he advised some of the biggest banks, primarily Goldman Sachs Not only that, but Jay’s wife served as the Vice President of Goldman Sachs for over 17 years. She quit her job shortly before Jay became the chair of the SEC to reduce the risk of raised eyebrows If you look into the SEC’s history, you’ll find that they have had a very close relationship with Wall Street and have broken the law on many occasions to protect the big banks they are supposed to regulate
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.