Gary Gensler, Chairman of the American Securities and Exchange Commission (SEC), continues his critical views on cryptocurrencies as the deadline for filing the main petition in the XRP case approaches. Gensler stated that the majority of cryptocurrency projects will fail due to incompatibility.
Gensler’s Criticism of Crypto
Gensler said there are plenty of “malicious actors” in the crypto world. Bitcoin $93,505.3 and Ethereum 
$3,317.9 He suggested that most of the cryptocurrencies outside the market would not survive. He also noted that crypto projects operate without compliance as well as collecting money from the community.
Gensler stated that the SEC has taken important steps in the XRP case and has resolved concerns initiated by previous presidents. SEC, Ripple 
$2.3While filing a lawsuit against Ripple for securities violations, it also took action against Ripple co-founder Chris Larsen and CEO Brad Garlinghouse.
Crypto Industry Overview
Gensler emphasized that the crypto industry lacks foundation and most projects are based on emotions. He predicted that thousands of crypto projects would not survive and also warned about pump and dump traps. He described people like himself, Sam Bankman-Fried, CZ and Do Kwon as “celebrities” and said they caused investors to lose billions of dollars.
“I’m proud of what we did. “We build on previous work by Chairman Clayton and others.”
Gensler argues that even though the crypto industry continues to grow, the SEC should impose stricter controls. He stated that regulations on altcoins and intermediaries should be increased.
On the other hand, federal judges and crypto industry leaders like Ripple CEO Brad Garlinghouse accused Gensler and the SEC of being too involved in crypto. The court clarified that XRP itself is not a security, and the case is expected to be resolved (largely) in favor of Ripple and XRP investors.
Gensler will end his term by filing his lead petition regarding the SEC’s appeal process in the Ripple case by January 15.
Gensler’s views on the future of crypto markets could have significant impacts on the industry. In the new process, it is a matter of curiosity how the regulatory framework will be shaped and what crypto projects will face.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
