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Sheriff Gensler of ‘Wild West’ Cryptoville Has Drawn His Guns

Decrypto | Daniel Roberts | Aug 27, 2022

Gary gensler 2013 - Sheriff Gensler of 'Wild West' Cryptoville Has Drawn His GunsThe SEC chief has gone from rhetoric to enforcement, targeting token projects from the present and past. Crypto companies are shook.

When Gary Gensler was sworn in as SEC Chair in April of last year, many in crypto celebrated. The general reasoning: He had taught a course called "Blockchain and Money" at MIT in 2018, so he must be friendly to crypto.  They aren't celebrating now.  In the eyes of the crypto industry, he began as a wild card, became a figure of concern, and is now a proud villain.

He has already spent the past year making very clear through his rhetoric that he views pretty much all tokens other than Bitcoin as securities. (He has avoided giving his own view on Ethereum.) Now the rhetoric is turning to enforcement. Last month, the SEC fingered nine tokens listened on Coinbase as securities, and reportedly launched an investigative probe into the company. Last week, it sued blockchain platform Dragonchain for its $16.5 million ICO (initial coin offering) back in 2017.

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The message is clear: all those token sales from the ICO boom are on notice.  Some prominent people in crypto have been careful to curb their criticism.  Other crypto advocates have had enough, and are saying so—loudly.  Gensler's latest Wall Street Journal op-ed included a call for crypto lenders "to come in and talk to SEC staff." It was roundly mocked by people in crypto who point out Gensler's SEC has had anything but an open-door policy.

  • Mike Novogratz, speaking to me onstage at Messari Mainnet last September, said Gensler "wants to be the sheriff of Cryptoville." Now the sheriff has his guns drawn.
  • Mark Cuban tweeted in response, "Come in and talk to who? Set up an appointment how? Since you understand crypto lending/finances, why don't you just publish bright line guidelines you would like to see and open it up for comments?"
  • An op-ed in Forbes this week by tech consultant Roslyn Layton declares it's "time to end the SEC's 'clarity' charade on crypto" and urges Gensler to resign.

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NCFA Jan 2018 resize - Sheriff Gensler of 'Wild West' Cryptoville Has Drawn His GunsThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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