SEC Chairman Gensler advises US military to stay away from crypto

US Securities and Exchange Commission (SEC) Chairman Gary Gensler has told members of the US Army to refrain from investing in cryptocurrencies.

He believes there is no proper regulation in this area and most digital assets will collapse in the future.

Another wave of skepticism

Gary Gensler, one of cryptocurrency’s most ardent critics, has released another bashing manifesto against the industry.recently twitter spacehe noted that more and more US soldiers are showing interest in the digital assets sector.

However, he argued that the niche looks “wild west” due to its unregulated nature. The SEC chairman also believes most existing cryptocurrencies will crash at some point, resulting in painful losses for investors.

“Most of those 10 or 15,000 tokens will fail. So we have the US dollar, Europe has the euro and so on.”

Gensler argued that bitcoin and altcoins were “non-compliant” and “highly speculative,” advising soldiers “not to get caught up in FOMO.”

SEC Commissioner Caroline Crenshaw also joined the discussion, saying that cryptocurrencies are well known for being involved in illicit schemes.

“They claim to be transparent. What’s on the blockchain is transparent, but the rest of the stuff out there isn’t. I think there have been some examples of that recently,” she concludes. rice field.

Tough stance but few friendly winks

Despite criticizing the cryptocurrency industry, the SEC has also shown some positive views over the past few years.

Committee swore Instead of following China’s example, ban everything related to digital assets in October 2021. Instead, Gensler said the agency will work with banking regulators to impose increased supervision on the sector.

A few days later, the SEC doubled down and approved the launch of the first US BTC futures ETF, the ProShares Bitcoin Strategy ETF (BITO).At that time, Gensler commented:

“I think we, the public sector, should be technically neutral, but we are not policy neutral.”

President Said Earlier last year, Watchdog will focus on enforcing stricter rules on cryptocurrency exchanges. Despite these efforts, several platforms collapsed in his 2022, FTX The most prominent example.