Crypto Community Criticizes SEC Chairman Gensler’s FUD Tweet

• Prominent figures in the cryptocurrency community reacted strongly to Gary Gensler’s cryptocurrency comments, accusing him of spreading FUD.
• Ryan Selkis, CEO of Messari, counters Gensler’s claims, emphasizing that Bitcoin has consistently proven to be the best-performing investment.
• Paul Grewal, Coinbase’s chief legal officer, recently highlighted misrepresentations made in the DEBT Box case, raising questions about the SEC’s credibility.

Recent tweets from prominent figures in the cryptocurrency community have reacted strongly to Gary Gensler’s cryptocurrency comments, accusing him of spreading fear, uncertainty, and doubt (FUD) about the cryptocurrency industry.

The SEC chairman laid out a variety of risks associated with cryptocurrencies, including securities law violations, volatility and risk, and the rise of fraudsters.

Many major platforms and cryptocurrency assets have become insolvent or lost value. Investments in cryptocurrency assets continue to be subject to significant risk.

Ryan Selkis, founder and CEO of Messari, chose X to counter Gensler’s claims. Selkis emphasized that Bitcoin has consistently proven to be the best-performing investment over its 15-year history. He criticizes Gensler for omitting this important information from his statement and calling attention to what he perceives as fear-mongering.

Paul Grewal, Coinbase’s Chief Legal Officer, called attention to the SEC’s recent misrepresentations in a court case involving DEBT Box. Grewal highlighted the SEC’s regrettable actions and questioned the sincerity of the apology. By juxtaposing Gensler’s statements with the SEC’s court challenges, Grewal hints at a lack of credibility and consistency within the regulator.

X Account CryptoLaw contribute Under Gensler’s leadership, the SEC has responded to criticism by claiming it was dishonest in the cryptocurrency case, facing potential sanctions. The tweet accuses Gensler of allowing fraudulent activity, such as the situation involving Sam Bankman-Fried (SBF), to occur on his watch.

The tweet called for Gensler’s resignation and called him a flawed regulator and incompetent leader. CryptoLaw also recognizes him as a major liability, with doubts about the veracity of his statements. Gensler’s recent crypto thread went viral, with the tweet garnering over 25.4 million impressions in less than a day.

Although Gensler received some backlash from the cryptocurrency community, the timing of his tweet led to many expectations that a spot Bitcoin ETF would be approved soon.