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Home News Latest News

Gary Gensler Accused of Hypocrisy After Video of 2018 Lecture Surfaces Online

26 April 2023
in Latest News, News
Reading Time: 4 mins read
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Gary Gensler Accused of Hypocrisy After Video of 2018 Lecture Surfaces Online

Source: disruptionbanking.com

Gary Gensler, the chair of the Securities and Exchange Commission (SEC) in the United States, has been accused of hypocrisy by the cryptocurrency community after a video of a lecture he gave at MIT in 2018 surfaced online on April 26, 2023. 

During the “Blockchain and Money” class, Gensler suggested that cryptocurrencies should be considered commodities or cash instead of securities. Gensler stated that 75% of the cryptocurrency market is not made up of securities. 

While he acknowledged that the prevalence of initial coin offerings (ICOs) could raise questions about securities, he concluded that the majority of the crypto market do not qualify as a security particularly from a legal standpoint. 

Before he was appointed the chief of the Securities and Exchange Commission (SEC), Gensler was a MIT professor from 2018 until he was nominated by President Joe Biden in 2021. He was a professor of the Practice of Global Economics and Management at the MIT Sloan School of Management and one of the courses he taught was ‘Blockchain and Money’.

After bitcoin researcher “zk-SHARK” tweeted about Gensler’s 2018 lecture video, members of the cryptocurrency community accused Gensler of hypocrisy, stating that his current stance on cryptocurrencies contradicts his earlier remarks. 

The below clip is from a Fall 2018 Graduate MIT course called “Blockchain and Money”

Gary Gensler – the current President of the SEC, was the professor.

The Hypocrisy speaks for itself ????

“So we already know in the US and in many other jurisdictions that 3/4 of the market… pic.twitter.com/rjRWeq5P8X

— zk-???? (@ZK_shark) April 25, 2023

Brian Armstrong, who had previously criticized the SEC after his exchange platform Coinbase received a Wells Notice from the regulatory body, responded with “Wow.”

Wow https://t.co/gQZ7pRWacM

— Brian Armstrong ????️ (@brian_armstrong) April 26, 2023

While some questioned why Gensler’s current stance on cryptocurrencies contradicts his earlier remarks, others accused him of being bought by the banks. Some have also suggested that his role as a professor at MIT may have influenced his perspective.

In a separate video from the same class, Gensler referred to Ripple’s XRP token as a “bridge currency,” contradicting his recent comments that it should be classified as a security. The SEC has also taken this position, leading to an ongoing legal battle over the classification of XRP.

Here’s Gary the MIT professor commentary on Ripple XRP being a bridge currency in 2018 pic.twitter.com/J1Lq9e5FME

— happenings.nft (@happeningsllc) April 26, 2023

It remains to be seen how Gensler will respond to the backlash, but his comments from the 2018 lecture video will likely impact the ongoing debate over how cryptocurrencies should be regulated.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

 

 

Tags: GaryGenslerXRP
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Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

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