I learned a new word which is perfect for describing Gary Gensler as this is is him summed up in one word. There is no clarity which is the biggest problem.
Good news is that Gary Gensler has been testifying before the House Financial Committee and they are calling out what we have been seeing for months. Gensler is the Chair for the SEC and as much as he says they are doing good by Crypto no one understands a bloody thing that is happening besides created confusion and disillusion.
This quote of his could not be further from the truth and either this guy is as thick as a plank or is super smart. I go with the latter as most people when it comes to crypto are not clued up and he has spent the last 2 years playing a stalling game only he could have pulled off. There is no other reasonable explanation for this and with a wing and a prayer his time in the hot seat is about to expire.
If anyone is going to create FUD and be a road block it is the weasel Gensler as he does not make any sense and confuses the simple questions muddying the water every time he opens his mouth. You can see the game being played and how he keeps a straight face I don't know.
When asked a simple yes or no question whether ETH is a security or a commodity there was no answer forthcoming. You have to question how someone like this has got so far and the only answer he is a yes man following orders from higher above.
Quite scary how many true prophecies the Simpsons have come up with with as the character Mr Burns is a double for Gensler being the most hated character in the series.
The hope is he is removed along with the rest of the committee and we can finally get crypto back on track. A change of Government would be good as the delay tactics are hurting mainly the US investors.
Alienating retail for their own safety makes no sense considering those investors will find a way of dealing in crypto outside the US jurisdiction. Quite rightly one of the panel asking questions commented stating the Chinese are looking at ways to encourage Crypto growth moving finances away from the States and how in hell is that protecting investors.
It is still quite surprising that the rest of the World is still taking the States seriously when it comes to crypto regulation which tells us they have absolutely no clue themselves. Most countries have a Gensler type somewhere who always looks busy, but actually achieves nothing.
The one person who would be horrified by this would be FTX's Sam Bankman Fried who may not be freed and more likely fried if Gensler and his motley crew are booted out. There is still so much to come out and without Gensler around maybe the truth will finally come out of their involvement as they cannot be sugar sweet innocent here.
The game is hopefully coming to an end and now the rest of crypto can dust off and move forward like we should have been doing 2 years ago. They say adoption takes time and with people like this around you can understand why as they were sticking to a plan of disruption and confusion leading to delays.
I have never sat watching a hearing before I did last night and was amazed that I actually learned nothing as Gensler true to form is no straight shooter. Out of about 10 minutes of various testimony he couldn't even say yes or no , so no wonder crypto projects had no idea where they stood as on one hand they are a commodity this week and maybe a security next week.