A newly released video from 2018 of Gary Gensler He has turned to social networks; In the video, the now-Chairman of the United States SEC claims that multiple cryptocurrencies “are not securities.”
On June 12, multiple Twitter accounts shared the video, which is understood to be from a 2018 event. organized by Bloomberg for institutional investors.
“More than 70% of the cryptocurrency market is bitcoin, Ether, Litecoin, Bitcoin Cash. Why have I named those four? They are not securities,” says Gensler in the video.
Chair Gensler in 2018 at a Bloomberg conference in NYC:
“Bitcoins. ether. Litecoin. Bitcoin Cash. Why did I name those four? They’re not securities.”
What’s Goldman Gary going to say about this one? Deep fake? pic.twitter.com/p7DJlYkJIt
—Ryan Selkis (@twobitidiot) June 12, 2023
Chairman Gensler in 2018 at a Bloomberg conference in New York: “Bitcoin. Ether. Litecoin. Bitcoin Cash. Why did I name those four? They are not securities.” What is Goldman Gary going to say about this? Is it a Deepfake?
At the time, Gensler was a professor at the Massachusetts Institute of Technology, and the video is approximately two years prior to his appointment as chairman of the Securities and Exchange Commission.
The video contrasts with Gensler’s most recent actions at the SEC: the regulator kicked off a wave of enforcement measures in the crypto space in recent months.
In his capacity as SEC Chairman, he has suggested that all cryptocurrencies other than bitcoin (BTC) are values. In total, the SEC has labeled at least 68 cryptocurrencies as securities in various lawsuits, although none of the four cryptocurrencies mentioned in the 2018 video have made it onto this list.
However, the comments on the video contrast again with Gensler’s more recent views on Ether (ETH). The SEC chairman was pressed to answer whether ETH was a security before a US House Committee in April, but declined to answer.
— Cointelegraph (@Cointelegraph) April 19, 2023
Gary Gensler and Rep. McHenry argue over whether ETH is a commodity or a security, but Gensler is unable to answer the question
this year too Other videos of Gensler taken around his time at MIT have surfaced in which he is seen making similar comments about cryptocurrencies.
In a 2019 video that circulated in April, Gensler called Algorand (SOMETHING) “big technology”. The same week the video circulated, the SEC sued crypto exchange Bittrex and claimed that SOMETHING was a security in their lawsuit, which caused many in the crypto space to call the SEC chairman a hypocrite.
In another video dated 2018 that circulated in April, Gensler is seen teaching a class at MIT and claims that three-quarters of the crypto market is “non-securities.”
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
The clip below is from a fall 2018 MIT graduate course called “Blockchain and Money.” Gary Gensler, the current Chairman of the SEC, was the professor… The hypocrisy speaks for itself. “So we already know, in the US and many other jurisdictions, 3/4 of the market…
“It’s just a commodity, cash, a cryptocurrency,” Gensler continues in the video.
Although Gensler’s comments came at a time before he chaired the SEC, many in the crypto space have claimed that his actions are hypocritical. A US lawmaker has introduced a bill intended to fire Gensler, alleging he is abusing his power.
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