Crypto Twitter Personalities Celebrate Troll Video of SEC’s Gary Gensler
Crypto influencer Ben Armstrong, also known as Bitboy Crypto on Twitter, has recently retweeted a troll video created by The Dev, another popular crypto personality, on Gary Gensler, the infamous Chairperson of the U.S. Securities and Exchange Commission (SEC). The video features an actor mockingly impersonating Gensler while he makes regulatory rules on tokens. The video satirically points out that Gensler heads out to make regulatory rules on securities and tokens according to his whims and fancy. Armstrong explicitly celebrates this video, stating, “OMG this is hilarious. The Dev for the win.”
The lashing out from the crypto community was in response to the stance, or lack thereof, taken by Gensler in the recent Oversight Hearing. Gensler had appeared, on Tuesday, in front of the House Financial Services Committee to provide regulatory clarifications. According to a US Senate Banking Committee hearing video published on YouTube, it is seen that Gensler was far from providing clarity to any of the regulatory measures taken by the SEC upon being questioned repeatedly by Committee Chairman Patrick McHenry (R-N.C.) and Rep. Patrick Toomey.
Gensler’s approach to establishing a policy of regulation by enforcement, without providing confirmation on how crypto companies should operate has always been widely criticized by the Twitter community. Gensler is now viewed as their arch nemesis, and as being aggressively anti-crypto by the crypto industry that once saw him as a potential ally.
The community strongly believes that Gensler had no intention of pointing out what factors would classify a token as a security, even though he was repeatedly questioned about the same. Gensler managed to evade questions by the lawmakers so skillfully that the questioners had to give up, as they were either out of time, or out of patience.
The video created by The Dev, which has now been retweeted by Bitboy Crypto, is a clear indication of the frustration and disappointment felt by the crypto community towards Gensler. The video has been widely shared and celebrated by the crypto influencers and personalities on Twitter. However, it is important to note that such videos and tweets may not be the most effective way to bring about change in the regulatory landscape.
While Gensler’s lack of clarity on crypto regulations is concerning, it is important for the crypto community to engage in constructive dialogue with the SEC and other regulatory bodies. The crypto industry needs to work towards establishing clear guidelines and regulations that will benefit the industry as a whole, and also protect investors from fraudulent activities.
In conclusion, while the troll video on Gensler may have provided some comic relief for the crypto community, it is important to focus on constructive engagement with regulatory bodies to establish clear guidelines and regulations for the industry. The crypto industry needs to work towards building a sustainable ecosystem that will benefit all stakeholders involved.