Tyler Winklevoss, co-founder of Gemini, is not happy with SEC Chair Gary Gensler after his appearance on a CNBC interview, speaking on his policies on crypto.
On Sept 18, in a CNBC interview, former US Securities and Exchange Commission (SEC) chair Gary Gensler revealed that the SEC saw nearly 100 cases related to fraud during his tenure.
When asked about the SEC’s conservatism regarding crypto policies under his leadership, Gensler said he was “proud” of what he achieved during his time as the SEC Chair.
“So I’m very proud of what we accomplished. I think that the reforms we got done in the stock markets, even if something is kind of plain and vanilla, are shortening the settlement cycle from two days to one day, and helping our markets be that much more efficient.”
According to Gensler, crypto trading is “mostly on momentum, mostly on, frankly, hype,” rather than tied to real “fundamentals”.
Although he admitted that Bitcoin is not part of the basket, he disregarded all of the thousands of other tokens circulating in the cryptocurrency market, stating that they are to be considered extremely speculative.
When asked why he wasn’t crypto-forward, he says, “Investor protection remains at the core of the SEC’s mission.”
Citing Warren Buffett’s test of whether an asset generates goods or revenues, Gensler said that with 5,000–10,000 tokens in circulation, many will eventually collapse as markets “find new equilibriums.”
During the interview, Gensler also pushed back against proposals to reduce the corporate reporting burden from quarterly to semiannual, contending that “Transparency helps markets,” and warned that reduced corporate disclosure will bring “more volatility,” and make it more difficult for investors to assess companies.
Tyler Winklevoss, co-founder of Gemini, called Gensler “a total disgrace to our country” in response to a clip shared by the Paul Barron Network, which showed Gensler defending his regulatory position and facing tough questions on market transparency and oversight of the crypto space.
Tyler Winklevoss has been more than just a co-founder of Gemini. With his brother Cameron Winklevoss, he stands as one of the influential voices within the crypto ecosystem.
From backing multiple pro-crypto Political Action Committees (PACs) to recently joining Trump-sons-owned World Liberty Financial in the Digital Freedom Fund, he has donated nearly $23 million, as of Sept 19.
finance.yahoo.com
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