US Securities and Exchange Commission (SEC) Chairman Gary Gensler has issued yet another offensive statement towards the complete cryptocurrency sector, but this time towards the US military.
In a latest Twitter thread, Gary Gensler pointed out that a lot more and a lot more US soldiers are displaying curiosity in the digital asset sector.
— United States Army (@USarmy) January 11, 2023
He strongly argued that niche cryptocurrency markets appear “a mess” due to their unregulated nature, that means men and women should not interact with cryptocurrencies, specially in military settings, the place discipline is inherent. Furthermore, the SEC chairman also mentioned that most present cryptocurrencies will crash at some level, resulting in hefty losses for traders:
“Most of these 15,000 tokens will fail nowadays. This is for the reason that venture capital fails, new startups end. History has proven us that there is not significantly area for microcurrency, you know we have the US dollar and Europe has the euro and things like that.”
Therefore, Gary Gensler strongly encourages soldiers not to get caught up in the crypto FOMO wave. Also in this discussion was SEC Commissioner Caroline Crenshaw. You created a equivalent level that cryptocurrencies are acknowledged to engage in scam schemes with untold quantities of losses for traders.
“They claim to be transparent, what is on the blockchain is transparent, but the rest of what is not transparent they always intentionally hide and harm investors.”
Despite latest criticism of the cryptocurrency sector, the SEC has undeniably expressed some constructive views on the sector. The company insists it will not comply with China’s lead and ban anything associated to cryptocurrencies by October 2021. Instead, the SEC will operate with other regulators and banking institutions to strengthen oversight of the sector.
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