Be careful of what you ask for. Gensler may just give you the regulation you deserve but didn’t want.
This is financial advice for shitcoiners.
Discussion
I don't like watching bitcoiners cheer for regulation, even if it smashes shitcoins. The slope is far too slippery for anybody who understands government to cheer for this.
I think Binance is done in the US. This is the SEC finally declaring shitcoins are a security, and it will be argued in court that they don't pass the Howey test. Binance can't defend against that because they don't. Once the precedent is set then every other exchange that trades shitcoins is done in the US too. They may try to shut down Bitcoin only exchanges too by lumping it in under the crypto umbrella. I have no idea what GG's intentions are towards Bitcoin, but at least it wasn't listed as a security in the Binance case. I think it they go after Bitcoin next it will have to go back to the courts hopefully.
Maybe not a common opinion but I think gensler is pro-bitcoin (or non-hostile at the very least). He has stated that bitcoin is a commodity under cftc jurisdiction and not a security.
Tick tock next block.
Was just looking into him a bit more as I've heard that before. He could be. If he runs all the shitcoin casinos out of the US and leaves Bitcoin only companies alone that is going to clear up a lot of the conflation of Bitcoin and crypto and could lead to a huge boost in adoption.