Gensler's huge wealth

[Julian_Williams]

Why are these remote people put in positions to "protect" the public?  How can he relate the people he supposes himself equipped to represent?

https://www.trustnodes.com/2021/09/22/gary-gensler-paid-by-goldman-sachs-disclosure-reveals

Extract:

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Overall Gensler has between $50 million to $100 million in investments, almost all of them in stocks.

Despite repeatedly stating he was a professor at MIT teaching blockchain – for which he still receives royalties due to a $2,600 course – and despite writing some editorials on blockchain and bitcoin innovation, Gensler nonetheless has never bought bitcoin or any other crypto.

He instead has almost all his net-worth in the stock market, making it in his vital interest for the stock market to increase in value, but has no stake in crypto so doesn’t care if it crashes or otherwise due to his actions.

He has no stake because it appears he thinks cryptos are a fad. Comparing them to “private money” in a recent interview, he said:

“Public money has a certain place around the globe. Private monies usually don’t last that long. So, I don’t think there’s a long-term viability for five- or six thousand private forms of money.”

Gensler was also a member of the fintech advisory group at the Federal Reserve Bank of New York until he became SEC chair, with him previously stating stablecoins may provide competition to central banks. Now he says they are “poker chips” as the Goldman Sachs pensioned regulator tries to be more and more bombastic to get attention.

While chair of CFTC he was accused of exceeding his authority and of going too far. Now as SEC chair he is accused of the same in considering the lending and borrowing of stablecoins as somehow being a bond.

He says he needs more Congressional authority regarding where SEC’s authority and that of CFTC as well as banking regulators begins and ends where cryptos are concerned, yet also says SEC has all Congressional authority it needs because he interprets Congres’ intention nearly a century ago to be to paint ‘securities’ with a “broad brush.”

 

 

 

[peanut56]

I honestly don't think people realize that purpose of a government is to make the lives of the people better, or at least in theory that is the point of a democracy. At what point does crypto harm the normal person. All of us who have invested should know damn well that where we placed our bets at this stage are exactly that bets. In this case I think that the fact the government went after Ripple as hard as they have is a good sign, because it means the people in control of wealth have enough fear to fight it. God knows they don't mind the people dying look at what happened for over forty in a Afghanistan, the homeless population in the cities of America, the lack of education in rural areas (I live in one, I've been homeless). From what I've seen they really do not care about the health or well-being of the populous they represent and the incapacity for empathy towards them as human beings. In the end I think a few people who are truly filled with greed choose power over all else.

Personally I look at every politician or person in power as an individual that strives to be lone dictator.