Crypto industry blasts SEC Chair Gensler’s continued ‘arrogance’
Outgoing SEC Chair Gary Gensler faces criticism from crypto stakeholders for his negative stance toward the industry. In a Bloomberg interview, Gensler expressed concerns about the crypto sector being "rife" with bad actors and highlighted nearly 100 enforcement actions taken during his tenure, building on 80 actions from his predecessor. He cited high-profile cases, including actions against Sam Bankman-Fried, to demonstrate the SEC's commitment to investor protection. Gensler described the crypto industry as overly speculative, lacking strong fundamentals, and compared many projects to high-risk venture capital. His comments have drawn backlash, with Coinbase's Chief Legal Officer Paul Grewal accusing him of alienating voters and contributing to political shifts. Pro-crypto attorney Bill Morgan criticized the SEC itself as "rife with bad actors." Under Gensler, the SEC targeted major companies like Binance and Coinbase, costing the industry over $400 million in legal fees. Gensler will leave his position on January 20.
