Gary Gensler Chairman Faces Criticism From Crypto Community

The newly appointed SEC Chief Gary Gensler is facing a lot of heat from the members of the crypto community in the United States. The media outlets have issued some of his financial compensation documents keeping in view the public interest. According to experts, Gensler qualified for getting paid by Wall Street giant Goldman Sachs.

The financial filings hailed from 2009 when Gensler was under consideration for accepting the chairing position at the Commodity and Futures Commission of the United States. In the legal declaration of his assets, he reported to the office of General Counsel that he is to receive $6,700 as part of the pension plan from Wall Street investment bank defined as an accrued benefit payable.

Gary Gensler Compares Stablecoins With Poker Chips

Speaking on the matter of cryptocurrencies at the Federal Reserve, Gary Gensler claimed that stablecoins are nothing more than poker chips. In saying so, he implied that the crypto market is a gimmicky and playful wager which should not be taken seriously.

During his tenure at the CFTC, he was considered to go above and beyond his pay grade more often than usual. As he is serving as the head of the Securities and Exchange Commission, many think that he is back to his previous antics. He has also classified the act of borrowing stablecoins as a form of bonds. Gensler has been requesting an extension on his congressional authorities to have more power as SEC chief.

During an interview with the media, SEC chairperson Gary Gensler compared cryptocurrencies with private monies. He further added that any type of private money market does not possess any long-term viability. He also said that 4-5 thousand different types of cryptocurrencies are not going to last for a long time or hold any real value in the future.

After serving his tenure at CFTC, he started to teach a class at MIT on the matter of cryptocurrencies. He is still receiving royalties from his course valued at $2,600. He has also authored several editorials acknowledging the technological innovation of blockchain and Bitcoin. Additionally, Gensler is also a beneficiary of the World Bank, i.e. $1,000 honorarium. He has not been found on the list of public speakers at the World Bank for the said date.