Many traders tried to understand what was behind Securities and Exchange Commission Chair Gary Gensler’s mind in going to war with cryptocurrency.
Instead of going to war with crypto, traders and investors thought he would lead the government to understand cryptocurrency’s potential.
As the XRP lawsuit continues, Gensler’s agenda against cryptocurrency seems to serve a more personal agenda. More precisely, Gensler seems to be going up against Ripple only to build a professional resume rather democratizing finance.
It seems that he would be comfortable with SEC’s plays against Ripple if it means that Gensler gets the center stage. After all, many politicians and government officials use this strategy to gain the desired traction.
Furthermore, his association with the Massachusetts Institute of Technology Media Lab’s Digital Currency Initiative was a misconception of his blockchain expertise. In other words, MIT showed a very little record of Gensler’s expertise since the school hired him in 2018.
More importantly, the school’s crypto programs were the co-authors of most of Gensler’s academic presentations. Gensler’s MIT speeches only contained curated interviews rather than actual substance about blockchain to assert himself as a “policy expert.”
Even Gensler’s two-decade experience in Golden Sachs seemed to plan to confer the academic bona fide to secure his position as the Securities and Exchange Commission Chair.
Ito’s Media Lab policy seems to keep Bitcoin unregulated while keeping other cryptocurrencies under scrutiny to protect Wall Street.
Ripple’s greener consensus protocol could be a better alternative to Bitcoin’s fuel-intensive business model.