New York Post: Gensler has Turned SEC into 'Banana Republic’
The SEC, led by Gary Gensler, faces criticism for tough crypto actions and being compared to corrupt countries by a New York Post writer.
The US Securities and Exchange Commission (SEC) is facing claims of unfair actions, with some saying it's acting like countries known for corruption (Banana Republic), reports the New York Post. The leader of the SEC, Gary Gensler, is especially criticized for being against crypto.
Gary Gensler, the head of the SEC, has been called out by New York Post writer Charles Gasparino. Gasparino said Gensler is changing long-standing rules and being too hard on crypto companies while ignoring other problems.
Gasparino highlighted that Gensler seems to be choosing which companies to chase. He mentioned Virtu, a trading company led by Doug Cifu, who has criticized Gensler's actions. Even though Virtu admitted small mistakes, the SEC treated them like they did something really bad.
Gensler's plans might change the stock market a lot, some say he is doing this to please strong critics of Wall Street like Senator Elizabeth Warren.
As for his strong stance on crypto, the SEC tried to freeze assets of Binance US. This move seems confusing because it would stop people from accessing their own money for a long time and can not be viewed as protecting investors.
In the end, Gasparino believes Gensler is using his power in wrong ways, hurting the market and fairness. Recently, a judge allowed the SEC to see some secret documents in a case against Binance US.
This, and other actions by the SEC, might be pushing crypto companies away from The US
