SEC Chairman Gary Gensler suddenly tweeted a previous interview clip from CNBC on the 22nd, emphasizing the numerous violations in the cryptocurrency field. Embarrassingly, the community notes feature on Twitter’s platform below Gensler’s tweet stated that the SEC only enforces instead of regulates.
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Gary Gensler: Violating cryptocurrency companies will only queue in bankruptcy court
Twitter community notes rebut: SEC only enforces regulation
Gensler’s tweet stated that there are many violations in the cryptocurrency field, and when many people are harmed, the only thing they can do is wait in line in bankruptcy court. This weakens confidence and may make it difficult for other honest participants to compete.
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He quoted his previous remarks on CNBC, stating that securities laws can help investors with information disclosure, make investment decisions, and protect investors from fraud and market manipulation. Gensler said:
The cryptocurrency field has too many bad actors, fraud. It’s really a wild west globally.
Embarrassingly, Twitter’s community notes feature below Gensler’s tweet stated that the SEC only enforces instead of regulates.
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Twitter community notes rebut: SEC only enforces regulation
The community notes pointed out:
Cryptocurrency companies like Coinbase (a publicly listed company regulated by the SEC) have been working hard to clarify the SEC’s compliance guidance in recent years. However, the SEC has not taken a clear stance and relies on enforcement for regulation.
Although Gensler is often criticized, perhaps the cryptocurrency community can be grateful that during his tenure, he approved Bitcoin futures ETFs. The spot ETFs, which he had been blocking with claims of “market manipulation,” now have potential for approval.
Check out 13 ETF review deadlines at once:
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Bitcoin spot ETF update: SEC holds intensive meetings with BlackRock and others, still optimistic about the January 10 approval deadline
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Gary Gensler
SEC
Bankruptcy court
Community notes
Further reading
Twitter (now X) under investigation by the European Union for suspected violations of the Digital Services Act and dissemination of false information
To combat sensational false information, Musk: Tweets with community notes annotations will not generate revenue.