SEC Chairman Gary Gensler was caught promoting Algorand. Critics call him a hypocrite.
screenshots Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), has emerged to promote the Algorand (ALGO) cryptocurrency. Gensler, chair of the SEC since 2021, is leading a regulatory crackdown on Bitcoin and other cryptocurrencies.
At one point in the clip, Gensler pays tribute to Italian computer scientist Silvio Micali, the founder of the project. “Silvio Micale’s Allogrande, he’s a Turing Award winner at MIT that I’m working with… Silvio has great technology, it has performance, you could build an Uber on top of it.”
On top of that, Gensler has apparently been vocal about Algorand at several public events since at least 2019.
Despite his anti-crypto stance on the SEC, Gensler is also listed as an MIT Open Learning instructor. turnBlockchain and Money.
One of Gensler’s colleagues on the Securities and Exchange Commission has criticized his opposition to blockchain technology. “Rather than embracing the promise of new technology as we have in the past, we propose here to embrace stagnation, centralize, expatriate and welcome the extinction of new technology,” said Commissioner Hester Pearce. He said On April 14th.
Gensler’s Anti-Crypto reputation
In the United States, the promotion of securities is governed by the Securities Act of 1933 and the Securities Act of 1934. These laws regulate the offering and sale of securities, require registration or exemption, and prohibit misrepresentation or omission of material facts. Those who violate may face civil and criminal penalties, including fines and imprisonment.
Last year, the Securities and Exchange Commission took Legal action Against reality star Kim Kardashian for promoting crypto security.
The news comes on the same day that the SEC designated six cryptocurrencies listed on Bittrex as securities. Algorand is among them. According to the SEC, these tokens must be securities under US law because investors expect to make a profit from them.
Also on Monday, the SEC announced the appointment of Inspector General Deborah J. Jeffrey. But it remains unclear whether the new official will investigate Gensler for possibly promoting Algorand as a security agency.
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