Securities & Exchange Commission’s (SEC’s) Chairman, Gary Gensler, must be regretting why he made a statement that crypto regulation is mostly needed if the world wants to see Bitcoin’s full potential and that regulation is essential for investor protection. Since his statement has been covered in print and electronic media, the statement is attracting criticism and heated arguments on all forms of media and even on social networking websites as well. The latest criticizer being the famous TV star and crypto investor, Mark Cuban.
The famous TV series star, Mark Cuban, of Shark Tank, has criticized SEC’s Chairman, Gary Gensler. He said that the SEC Chairman’s idea of “investor protection” is not only foolish but also bullshit.
For the past many weeks, Gensler has been trying to push the crypto regulation. He made a statement recently where he said that neither SEC nor he himself is against the innovation of Bitcoin and/or crypto as a whole. However, if the world wants to get the full benefit of Bitcoin or any other virtual currency, then it is necessary to allow them to utilize their fullest potentials. But this potential would not be achieved until there is regulation. Also, he claimed that the regulation is essential for the ultimate “investor protection”, hence, the regulation.
Most of Gensler’s statements are aimed towards one particular aspect i.e. crypto regulation. He believes that SEC’s entire focus these days is towards ensuring investor protection. In this connection, he has time and again argued that the sole objective of crypto law would be to ensure the safety of the investors.
But soon after he made that statement, his comments attracted criticism from politicians, the crypto community, investors, and experts/analysts. The latest criticism against Gensler’s statement came from Mark Cuban who literally slammed the viewpoint of SEC’s Chairman.
Cuban commented that Gensler needs to immediately stop spreading his BS because the world doesn’t need it. He suggested that if either Gensler or SEC would have been working for the welfare of the investors then public opinion should have been respected. However, what is happening is totally against the public will and SEC is trying to impose something upon them by force.
In response, Gensler also took on the Twitter platform and responded to Cuban’s tweet. Gensler stated that he is not inclined whether anyone likes his viewpoint or not. Those who are craving for finding out ambiguities in the proposed law are welcome. However, unfair criticism will not be allowed to jeopardize the spirit of the crypto law, clarified Gensler.
Gensler further explained that every investment instrument is backed by law which in return ensures investment protection. If crypto is going to stay, which he believes it will, then it has been backed up by regulation in the greater public interest.