The post SEC Chair Gary Gensler says crypto cases traumatized him, thinks Elon Musk’s D.O.G.E is unnecessary appeared on BitcoinEthereumNews.com.

Gary Gensler’s tenure as the US Securities and Exchange Commission (SEC) chair has apparently been anything but smooth. With less than two weeks before he steps down, the man who’s been the face of the Biden administration’s anti-crypto agenda has opened up about the toll it’s taken on him, and let’s just say, it hasn’t been a walk in the park for Gary. He admitted that the barrage of crypto-related cases during his time at the SEC left him “traumatized.” Oh, and about Elon Musk’s D.O.G.E? He thinks it’s pointless. Speaking from his Washington, D.C. office, Gary was quick to attack the crypto industry, as per usual. According to him, it is a mess — sentiment-driven, unstable, and riddled with scams. “These 10,000 to 15,000 projects—many of them will not survive,” he said, comparing the crypto space to high-stakes venture capital, except with more pump-and-dump schemes and fraud. For Gary, it was less about innovation and more about survival: of the markets, the investors, and maybe even himself. Crypto chaos and Gary’s Wild West show When Gary walked into the SEC in April 2021, Wall Street was still reeling from the GameStop short squeeze. But crypto quickly took center stage. In his first few months on the job, he was already fielding questions about how he’d deal with an industry that seemed allergic to rules. “I came in, and my predecessor, Jay Clayton, had brought 80 enforcement actions in this area. We’ve brought in about 100 in our four years,” Gary said. “It was consistent. I’ve been around finance for over four decades. And everything in the markets trade on a mixture of fundamentals and sentiment at any given time. But I’ve never seen a field that’s so much wrapped up in sentiment and not so much about fundamentals.” That…

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Filed under: News - @ January 10, 2025 11:23 pm