Crypto community criticises SEC chair Gary Gensler for double standards

During the proceedings SEC against the crypto exchange Bittrex, the regulator equated the native token of the Algorand blockchain (ALGO) to a security, which provoked outrage in the crypto community.

A Twitter user under the alias foobar recalled an old video in which the agency’s chairman Gary Gensler was giving a lecture at the Massachusetts Institute of Technology on finance and digital assets. He was not yet in a leadership position at the time.

video here pic.twitter.com/FmXodHYqUt

— foobar (@0xfoobar) April 17, 2023

In his 50-minute talk, Gensler discussed a range of topics: from the breakthrough potential of financial technology to the adoption of cryptocurrencies by banks and firms.

Answering questions from the audience, the chair stated that Algorand Silvio Micali “created an excellent technology with incredible performance, on which you can deploy even Uber.”

“The sheer absurdity of the situation beyond any reasonable doubt undermines the SEC’s authority in court,” foobar wrote.

Some users speculated that Gensler was deliberately promoting the blockchain for personal gain at the time.

Here’s Gary Gensler shilling his “friends” crypto $ALGO after celebrating winning a case today #AlgoRand

pic.twitter.com/PC6WQnVopl

— Crypto Bitlord (@crypto_bitlord7) April 17, 2023

“Here Gary Gensler is promoting the cryptocurrency of his “friends” from Algorand, and today celebrated a victory in the case,” noted a user.

According to data from CoinGecko, ALGO barely reacted to the regulator’s statements. In the last 24 hours, the coin’s price fell 0.3% to $0.222.

In April, Representative Warren Davidson announced plans for a bill to remove Gary Gensler as head of the SEC.