By George Ward
The United States Army has emerged as a new primary audience for Gary Gensler, the head of the Securities and Exchange Commission (SEC), who gives public talks promoting crypto-skepticism. For example, in a recent Twitter event organized by the United States Army, many SEC officials, including Gensler and Caroline Crenshaw, were present.
Gensler’s Response To Sergeant Holmes’ Inquiry
Sergeant Lawrence Holmes observed that some service men and women seek alternative investment opportunities such as crypto assets investments. However, Gensler instantly answered Sergeant Holmes’ inquiry stating that crypto is similar to the wild west and that the bulk of these current crypto projects will eventually fail.
He further said that history had shown no possibility for micro-currencies given the existence of leading fiat currencies worldwide, such as the USD, the Euro, and other major fiat currencies.
The SEC chair supported his argument by pointing out that cryptocurrencies are non-compliant and involve a high degree of speculation. Moreover, most of these tokens do not adhere to securities laws as they should, Gensler added.
In addition, Gensler cautioned that if a yield appears “too good to be true,” it is most likely untrue, regardless of whether it is based on cryptocurrencies.
Crypto Is Well Noted For Many Scams – Crenshaw
Caroline Crenshaw commented on Gensler’s comments, saying that crypto is well-noted for many scams. However, according to her, there are many grey areas in crypto, despite claims to the contrary by industry players.
However, she admitted that blockchain technology itself is open and accessible. Crenshaw also commented on the SEC chair’s suggestions regarding crypto investments,
She said that the soldiers should put “as much” of their money as they can into a Thrift Savings Plan (TSP), a retirement plan offered by the government to federal employees and service members.
Many potential crypto investors have often cited the lack of education and clear regulatory guidelines concerning the industry as reasons for not investing in the crypto space.