SEC Chairman Gensler, who is closely acquainted with the crypto money markets, is not a distant name in this industry and has written an important article. He responded to allegations made, accusations leveled against him, and more. The SEC Chairman, who taught Blockchain and Bitcoin courses at MIT in 2018, is best known for his ongoing battle with Ripple.

The fight between crypto firm Ripple and the Securities and Exchange Commission (SEC) has now moved into the media arena. Earlier last week, SEC Chairman Gary Gensler wrote an article for the Wall Street Journal describing the steps he took regarding cryptocurrencies during his time on commission. While many in the crypto industry complained that it was “regulated by enforcement,” Gensler argued that it enforced securities laws in a technology-neutral way.

The SEC Chairman Gensler

To date, Gensler has consistently argued that current SEC laws also regulate cryptocurrency markets. In his column, Gensler likened cryptocurrency regulations to “seat belt laws.”

   "Whether a car runs on gas or electricity, drivers and passengers deserve protection. Just because it uses a different technology, there's no reason to treat the crypto market any differently than other capital markets."

ripple

On August 28, the Wall Street Journal published a letter in response to Gensler's article by Ripple general counsel Stu Alderoty. Regarding Gensler's core metaphor, Alderoty wrote:

   “Mr. SEC Chair, writes that whether a car runs on gas or electricity, you still need a seat belt. No one disputes that. But electric cars don't need gas, and in his analogy, it's gas the SEC sells. Mr. Gensler is trying to punish those who don't buy it. "

The most significant action the SEC has taken against a cryptocurrency firm is the Ripple case of former Chairman of the commission, Jay Clayton. The lawsuit concerns Ripple's marketing of XRP tokens as shares. When you buy a stock, the successes of the related company make you money with the rising price per share. We've had this for Ripple and many other cryptocurrencies to date.