By Charles Gasparino. June 17, 2023. (New York Post).
Securities and Exchange Commission Chair Gary Gensler’s regulation of crypto is an uneven mess; digital-coin exchanges get approved by the commission to go public, only to be sanctioned later for selling crypto the agency doesn’t like. The securities laws aren’t clear if he has necessary legal authority to weigh in as he has done, but that hasn’t stopped Gensler from bringing a slew of cases.
There is a decent case to be made Gensler’s regulatory agenda is dangerous as well, and not just for the usual reasons involving aggressive enforcement that could crimp crypto’s possibly revolutionary blockchain technology. It’s also because the SEC, known as Wall Street’s top cop, has been looking lately like a band of keystone cops.
Consider the strange case of a company called Prometheum that critics allege appears to have slipped through some very large SEC cracks to become a thing in the $1 trillion crypto business.