It is common knowledge in Washington that Gary Gensler took the job of Chairman at the Securities and Exchange Commission as a steppingstone to becoming Secretary of the U.S. Treasury, an impressive career capstone for the MIT professor. But after such a gruesome year of wealth destruction under his leadership and guidance at the SEC, one must ask the question – to what degree is Mr. Gensler part of the problem? And is it time for him to go?
The stunning meltdown of FTX – the world’s second largest cryptocurrency exchange, until it crashed – is just the latest in a series of multibillion dollar collapses recently hitting the crypto sector. Since becoming SEC chairman last year, Mr. Gensler has insisted that he and his agency are in the driver’s seat on “protecting investors” in crypto, and that rules giving him this authority “are pretty clear”.
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