- Gary Gensler is a jew and did not belong to a wealthy family. As a result of his hard work he served in Goldman Sachs as an investment banker for 18 years.
- He was then a professor at MIT and currently is US Security and Exchange Comission chair.
- Gary made a statement 5 years ago about crypto assets and recently contradicted the same. He had done this previously also
- Everyone accuses him to be hypocrite and lawmakers are taking actions to remove him.
Gary Gensler was born and brought up in a Jewish family in Maryland. He was born on October 18, 1957.
He is an American government official serving as the U.S. Securities and Exchange Commission (SEC) chair. He had provided his services to Goldman Sachs as an investment banker for 18 years as well.
Before his appointment as SEC chair, he was a professor of Global Economics and Management at the MIT School of Management.
He did not belong to a wealthy family, his father was a cigarette and pinball machine vendor at local bars and Gary used to help him.
But being extremely talented he made his way through all thick and thins and now was nominated by President Joe Biden as the 33rd chair of the US SEC.
Five years ago, in 2018, when Gary used to be a professor at the MIT School of Management, was lecturing his students on the topic of Blockchain and Money. During that lecture, he was seen saying to the students, that three-quarters of the US market is not ICOs or not what can be called securities.
ICOs stand for Initial Coin Offerings and are basically another form of cryptocurrency that can be used to raise capital. They are generally used by businesses. In this, investors get a unique token, a cryptocurrency token, in exchange for their investment in the business.
Gary also said that the three jurisdictions he is talking about include U.S., Canada and Taiwan. He further said that these markets are non-securities, they are just cash cryptos.
Contradicting his own sayings in 2018, he recently in 2023 said that all cryptos except Bitcoin are securities.
Other instances of Gary’s hypocrisy
Four years ago, a video surfaced on Twitter showing Gary Gensler praising the smart contract platform Algorand. The video surfaced after SEC declared the Algorand’s native token, ALGO as unregistered security.
In the video, Gensler praised Algorand and stated it as a great technology and its potential of a high-performance smart contract and introducing new applications on its platform. He made the comments on Algo at one of the MIT conferences.
ALGO was one of the six tokens among the unregistered securities. The lawsuit and crypto researchers scrutinized the ICO of Algorand in 2019. While in recent enforcement action against Bittrex Gary referred ALgo and several other tokens as securities.
Everyone accused Gensler as a hypocrite. Recently, Congressman Warren Davidson proposed that Gary Gensler, based on his statements and hypocritical nature should be removed from the position and be replaced by SEC director.
Lawmakers have had a call to remove Gary and also asked Congress to roll out regulations to prevent Gensler and SEC from taking the law in their hands.