Foreign media Blockworks said that while leading the SEC, Gary Gensler adopted an unfavorable attitude towards cryptocurrencies and assets, harming U.S. startups, investors, and national interests.

Blockworks: Gensler did not put the protection of American investors first

Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), made serious accusations against the cryptocurrency exchange Binance and its CEO CZ Zhao Changhong in the early morning of today (6), stating that it mishandled user funds and did not comply with the U.S. Register under the Securities Act.

According to the Blockworks report, the author believes that Gensler’s ability is questioned not without reason. In the development of encryption that cannot be ignored, he chose to stifle innovation and use various unfounded law enforcement methods to force more companies to leave the United States.

He said Gensler's leadership would allow the United States to hand over control of current and future financial markets to other, more thoughtful countries. The victims will be entrepreneurs and the United States itself.

Today’s action against Binance adds another victim: millions of U.S. crypto investors. At the same time, Gensler once again proved that he doesn't care about the SEC's mission of investor protection.

What Gensler is doing amounts to a dereliction of duty.

It is worth mentioning that he pointed out the current possible status and stance of the SEC and Gensler:

The SEC under the leadership of Gensler has become a government weapon worried about threats to the hegemony of the US dollar. It continues to maintain a hostile attitude towards the encryption ecosystem, and its sanctions and suppression have never stopped.

He believes that the SEC needs to be a leader in the future development of the global financial system, not a reluctant participant.

The refusal to communicate in good faith on the definition of securities, the vague and inconsistent attitude, and the frequent accusations against crypto companies; regarding the above unreasonable behaviors, the author expressed his position in the article:

Gary Gensler is harming American innovation, American investors, and American interests. It's time for him to go.

Market conditions of the day

Coinglass data shows that after the SEC’s lawsuit against Binance triggered a plunge in the crypto market, about $300 million in long positions were liquidated within 24 hours that day, which was the largest long liquidation in three months.

Among them, Bitcoin traders suffered the largest losses, accounting for approximately $112 million, accounting for 37.3% of the total long positions.

This article Blockworks: SEC Chairman Gary Gensler is a national disgrace, it’s time to let him go first appeared on Chain News ABMedia.