.s_alderoty has implied that GaryGensler's anti-crypto stance could be a political liability
at Gary Gensler, the head of the U.S. Securities and Exchange Commission , in a tweet that implies that Gensler could be a political liability for President Joe Biden.
The comments come after the SEC's enforcement action against crypto exchange Kraken. Gensler warned other platforms to"take note" of Kraken's recent move to halt its staking service in the country and pay a $30 million fine. Gensler stated that companies like Kraken can offer investment contracts and schemes but have to have full, fair, and truthful disclosure. Gensler urged firms offering staking services to come into compliance and perform proper disclosures and registration.
The recent developments could have broader implications for the crypto industry, especially with the possibility of the SEC regulating the industry. The case is now inching closer to a resolution after the SEC filed its motion for summary judgment against Ripple in September.
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