Foreign media: Gary Gensler is a disgrace to the United States and he must step down.

Source: BlockWorks

Author: JON RICE

On June 6th, Binance and its CEO "CZ" were sued by the U.S. Securities and Exchange Commission (SEC) for allegedly violating securities trading rules. This event directly led to a widespread drop in various cryptocurrency prices in a short period of time. Binance also responded by stating that the SEC's accusations were false and that they would do their best to defend themselves in this case.

Along with Binance and CZ being sued, SEC unilaterally classified assets such as SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities, which has sparked widespread opposition from the crypto community. Some industry giants, including Cardano founder Charles Hoskinson and Tron founder Justin Sun, have begun to speak out in support of Binance.

The encryption media BlockWorks directly published an article "Gary Gensler is a shame for the United States, it's time to control him", which fired the first shot of the encryption supporters' resistance to the SEC. BlockBeast has compiled and translated the original text as follows:

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Gary Gensler is the chairman of the SEC, but he is not a popular figure. Although there were rumors that he had coveted the position of Treasury Secretary held by Janet Yellen, congressional insiders say he had no chance because he is not only unpopular among cryptocurrency enthusiasts, but also among most US officials.

Whether or not someone is popular is not a prerequisite for their current position, but their ability is.

When it comes to ability, the most noteworthy point about Gary Gensler is probably his complete lack of ability.

The SEC under the leadership of Gensler has become a weapon for those who are concerned about the threat to the dominance of the US dollar. However, it is precisely this "weaponization" of the SEC that threatens the future of the United States as an economic superpower.

Digital assets are an inevitable trend, and in a technological revolution that the financial market ultimately has to embrace, the United States has only two choices: lead or follow.

Gensler's SEC chooses to ignore progress, stifle innovation, and push the best and brightest minds out of the United States. Thanks to Gensler, the leadership of the future financial markets will be handed over to more progressive and thoughtful countries such as Europe, the Middle East, and even those countries that the United States considers enemies.

The victims are not only entrepreneurs and national interests. In today's action against Binance, Gensler once again demonstrated one of the SEC's biggest missions - "protecting investors", which is at the bottom of his priority list. Millions of Americans hold cryptocurrencies, including tokens unilaterally classified as securities by the SEC. The SEC's refusal to engage in good-faith discussions about what is and is not a security has repeatedly harmed these domestic investors.

As the market once again falls due to Gensler's actions, crypto supporters wake up to the realization that Gensler believes the legal framework for regulating cryptocurrencies was passed over 90 years ago.

In fact, Gensler did not have any meaningful contact with the token issuer, but spent time making some sleep-inducing videos to defend his belief that all digital assets are securities, which is a groundless claim that no one except Gensler himself would believe.

One frequently mentioned fact is that Gensler is an unelected bureaucrat. Now Gensler is well aware that opposition from both parties has reached historic levels. Congress should establish rules to define participation in the US capital markets, rather than bureaucrats, no matter how high their positions. Congress has expressed a strong and urgent desire to do so.

For Gensler, continuing on his current path is tantamount to neglecting his duties, even unelected officials must adhere to democratic norms.

The future financial markets will be tokenized. They will use blockchain technology. They will be composed of new and unique entities, some of which will have decentralized elements that do not fully comply with existing securities laws.

However, the SEC has already begun to hinder this progress, ensuring that the United States is not the leader in the future development of the global financial system, but rather a reluctant participant.

Gary Gensler is harming American innovation, American investors, and American interests.

He should step down.

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