Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, has found a new audience to spew his crypto-skeptic views – the United States Army.
Gary Gensler, chairman of the SEC, has found new listeners to his anti-crypto rants, the US Army. The U.S. Army hosted its first Twitter Spaces event of 2023, with Gensler and SEC commissioner Caroline Crenshaw attending to provide financial advice to U.S. soldiers on how are where they should invest their money. During the Twitter session, Gensler said most cryptocurrencies lack regulatory compliance and use cases. Gensler added that the industry is the “Wild West.”
— U.S. Army (@USArmy) January 11, 2023
In his newest iteration of crypto critiques, Gensler said that it’s easy to get caught up in “FOMO” surrounding the sector. He added that traders and companies should proceed with caution as he maintains that most currencies are not abiding by the law, noting:
Most of these, again, are not complying with the securities laws, but they should be.
Most of these 10 or 15,000 tokens will fail. Adding, “That’s because venture capital fails, new startups fail — but also because history tells us that there’s not much room for micro currencies, meaning, you know, we have the US dollar and Europe has the euro and the like.”
Crenshaw added to Gensler’s comments saying that cryptocurrencies are “noted for their scams” and further stated:
They claim to be transparent, what’s on the blockchain is transparent but the rest of what’s there is not transparent and I think there have been some examples of that recently.
Crenshaw also advised those considering a crypto investment should give “careful, careful consideration” to the share of their portfolio they invest into digital assets. Commenting on the SEC’s advice on where Army personnel should save their money, Crenshaw told soldiers to invest “as much as possible” in a Thrift Savings Plans (TSP). A TSP is a government-sponsored retirement plan set up for federal employees and service members per reports by Cointelegraph.
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