Former SEC Chair Gensler Criticizes Crypto Market and U.S. Trade Policy
- In an interview with CNBC, Gary Gensler criticized the U.S. government’s aggressive trade approach with China.
- Gensler also questioned the long-term value of most cryptocurrencies, stating the market is mainly driven by sentiment rather than fundamentals.
Last week, the former chairman of the U.S Securities and Exchange Commission gave an interview to CNBC in which he bluntly assessed the crypto market. He questioned the long-term potential of most virtual assets and also separated Bitcoin (BTC) from the remaining crypto sphere.
As per Gensler, the crypto ecosystem is mostly influenced by emotion instead of intrinsic value. He mentions that each financial asset trades on fundamentals and sentiment, but this field trades completely on sentiment and very little fundamentals.
He was dubious about the rest of the crypto market, excluding Bitcoin, and said that Bitcoin may continue to exist as 7 billion people have an interest in it. However, there are 10,000-15,000 other tokens in the market.
The ex-chairman advised the investors to assess their own risk exposure and go through the basic fundamentals. He also warned that “if it is only a sentiment that does not end up well, most go down.”
Recently, the Securities and Exchange Commission has chosen its new chairman, Paul Atkins, who promised to focus on regulations surrounding digital assets. He recently mentioned that the main focus during his chairmanship will be working with his fellow commissioners to make a robust regulatory foundation for virtual assets.
Gensler Not Satisfied With the Current Strategies
Apart from digital assets, Gensler also mentioned that he is not satisfied with the U.S. trade policy, mainly the aggressive approach of the government to China. According to him, the current strategies followed by the government are not going to end well.
Gensler also emphasized the various attempts to negotiate trade deals with nations and criticized them by calling them counterproductive. As per his arguments, such moves can increase the market instability, resulting in reduced investor confidence.
At last, he shifted his focus to the decreased resources at the SEC and mentioned that weaker management will result in reduced protections against market manipulation and insider trading
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Former SEC Chair Gensler Criticizes Crypto Market and U.S. Trade Policy
- In an interview with CNBC, Gary Gensler criticized the U.S. government’s aggressive trade approach with China.
- Gensler also questioned the long-term value of most cryptocurrencies, stating the market is mainly driven by sentiment rather than fundamentals.
Last week, the former chairman of the U.S Securities and Exchange Commission gave an interview to CNBC in which he bluntly assessed the crypto market. He questioned the long-term potential of most virtual assets and also separated Bitcoin (BTC) from the remaining crypto sphere.
As per Gensler, the crypto ecosystem is mostly influenced by emotion instead of intrinsic value. He mentions that each financial asset trades on fundamentals and sentiment, but this field trades completely on sentiment and very little fundamentals.
He was dubious about the rest of the crypto market, excluding Bitcoin, and said that Bitcoin may continue to exist as 7 billion people have an interest in it. However, there are 10,000-15,000 other tokens in the market.
The ex-chairman advised the investors to assess their own risk exposure and go through the basic fundamentals. He also warned that “if it is only a sentiment that does not end up well, most go down.”
Recently, the Securities and Exchange Commission has chosen its new chairman, Paul Atkins, who promised to focus on regulations surrounding digital assets. He recently mentioned that the main focus during his chairmanship will be working with his fellow commissioners to make a robust regulatory foundation for virtual assets.
Gensler Not Satisfied With the Current Strategies
Apart from digital assets, Gensler also mentioned that he is not satisfied with the U.S. trade policy, mainly the aggressive approach of the government to China. According to him, the current strategies followed by the government are not going to end well.
Gensler also emphasized the various attempts to negotiate trade deals with nations and criticized them by calling them counterproductive. As per his arguments, such moves can increase the market instability, resulting in reduced investor confidence.
At last, he shifted his focus to the decreased resources at the SEC and mentioned that weaker management will result in reduced protections against market manipulation and insider trading
Highlighted Crypto News Today:
SUI Rockets 27%, Is FOMO Fueling The Bulls Or Just A Flash Fire?
Read More
SEC Chair Paul Atkins Says Crypto Sector Deserves Clear Regulation