Blockworks: SEC Chairman Gary Gensler is a national disgrace, it's time for him to go

The editorial writer from the foreign media Blockworks believes that Gary Gensler has taken a negative stance towards cryptocurrencies and assets during his leadership at the SEC, which has harmed the interests of American startups, investors, and the nation.

Editorial: Gensler's Actions Put Protecting American Investors Last

As the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler accused the cryptocurrency exchange Binance and its CEO CZ Zhao Changpeng of mishandling user funds and operating without proper registration under U.S. securities laws in the early hours of today (6).

According to a report by Blockworks here, the author questions Gensler's competence for valid reasons. In the rapidly evolving crypto landscape, he has chosen to stifle innovation and use unfounded enforcement tactics to drive more businesses out of the U.S.

He argues that Gensler's leadership will cede the current and future financial market dominance to more thoughtful nations, to the detriment of entrepreneurs and the U.S. itself.

The victims of today's action against Binance also include millions of American crypto investors. Gensler once again demonstrates his disregard for the SEC's mission of investor protection.

Gensler's Actions Amount to Neglect of Duty

It is worth noting that he points out the possible state and position of the current SEC and Gensler:

He believes that the SEC needs to be a leader in the future global financial system, not an unwilling participant.

The author criticizes the lack of good faith communication on securities definitions, the ambiguous and inconsistent attitudes, and the frequent lawsuits against crypto companies. In response to these unreasonable behaviors, the author states in the article:

Gary Gensler is damaging American innovation, including American investors and interests. He needs to go.

Market Conditions on the Day

According to Coinglass data here, following the SEC's lawsuit against Binance causing a crash in the crypto market, approximately $300 million in long positions were liquidated within 24 hours, marking the largest scale of long liquidation in three months.

Bitcoin traders suffered the most significant losses, totaling around $112 million, accounting for 37.3% of the total long positions.