{"id":77435,"date":"2023-04-18T18:19:02","date_gmt":"2023-04-18T15:19:02","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77435"},"modified":"2025-09-10T23:18:41","modified_gmt":"2025-09-10T20:18:41","slug":"crypto-community-criticises-sec-chair-gary-gensler-for-double-standards","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-community-criticises-sec-chair-gary-gensler-for-double-standards\/","title":{"rendered":"Crypto community criticises SEC chair Gary Gensler for double standards"},"content":{"rendered":"<p>During the proceedings <a href=\"https:\/\/forklog.com\/en\/news\/sec-sues-bittrex-and-bittrex-global\"><span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> against the crypto exchange Bittrex<\/a>, the regulator <a href=\"https:\/\/www.sec.gov\/litigation\/complaints\/2023\/comp-pr2023-78.pdf\">equated<\/a> the native token of the Algorand blockchain (ALGO) to a security, which provoked outrage in the crypto community.<\/p>\n<p>A Twitter user under the alias foobar recalled an old video in which the agency&#8217;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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">video here <a href=\"https:\/\/t.co\/FmXodHYqUt\">pic.twitter.com\/FmXodHYqUt<\/a><\/p>\n<p>\u2014 foobar (@0xfoobar) <a href=\"https:\/\/twitter.com\/0xfoobar\/status\/1648006735527813136?ref_src=twsrc%5Etfw\">April 17, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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.<\/p>\n<p>Answering questions from the audience, the chair stated that <AOPEN_2>Algorand<ACLOSE_2> Silvio Micali \u201ccreated an excellent technology with incredible performance, on which you can deploy even Uber.\u201d<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe sheer absurdity of the situation beyond any reasonable doubt undermines the SEC&#8217;s authority in court,\u201d foobar wrote.<\/p>\n<\/blockquote>\n<p>Some users speculated that Gensler was deliberately promoting the blockchain for personal gain at the time.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Here\u2019s Gary Gensler shilling his \u201cfriends\u201d crypto <a href=\"https:\/\/twitter.com\/search?q=%24ALGO&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ALGO<\/a> after celebrating winning a case today <a href=\"https:\/\/twitter.com\/hashtag\/AlgoRand?src=hash&#038;ref_src=twsrc%5Etfw\">#AlgoRand<\/a> <\/p>\n<p> <a href=\"https:\/\/t.co\/PC6WQnVopl\">pic.twitter.com\/PC6WQnVopl<\/a><\/p>\n<p>\u2014 Crypto Bitlord (@crypto_bitlord7) <a href=\"https:\/\/twitter.com\/crypto_bitlord7\/status\/1647982997033951233?ref_src=twsrc%5Etfw\">April 17, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cHere Gary Gensler is promoting the cryptocurrency of his \u201cfriends\u201d from Algorand, and today celebrated a victory in the case,\u201d noted a user.<\/p>\n<\/blockquote>\n<p>According to data from <a href=\"https:\/\/www.coingecko.com\/en\/coins\/algorand\">CoinGecko<\/a>, ALGO barely reacted to the regulator&#8217;s statements. In the last 24 hours, the coin&#8217;s price fell 0.3% to $0.222.<\/p>\n<p>In April, Representative Warren Davidson <a href=\"https:\/\/forklog.com\/en\/news\/us-congress-to-propose-removing-sec-chair-over-abuses\">announced<\/a> plans for a bill to remove Gary Gensler as head of the SEC.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During the SEC&#8217;s proceedings against the crypto exchange Bittrex, the regulator equated the Algorand blockchain&#8217;s native token (ALGO) to a security, sparking outrage in the crypto community.<\/p>\n","protected":false},"author":1,"featured_media":77436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1329,720,1181,128],"class_list":["post-77435","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-algorand-algo","tag-bittrex","tag-gary-gensler","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77435","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=77435"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77435\/revisions"}],"predecessor-version":[{"id":77437,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/77435\/revisions\/77437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/77436"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=77435"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=77435"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=77435"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}