Dogecoin co-founder chides SEC chair Gary Gensler for failing to provide clear rules for the crypto industry.
Dogecoin founder Billy Markus, popularly known by the pseudonym “Shibetoshi Nakamoto,” has slammed Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), calling him useless.
SEC Chair Says Crypto Is Rife With Noncompliance
For context, Gensler took to the X (formerly Twitter) platform yesterday to share a snippet of his exclusive interview on CNBC’s Money Movers on December 14.
During the interview, Gensler talked about the commission’s latest list of rules for the United States capital markets and how investors and firms are expected to comply with these guidelines.
Commenting on the regulation of the crypto market, Gensler reiterated his usual stance regarding the nascent industry.
In his remark, he said the crypto space is rife with noncompliance with the U.S. regulations that are designed to protect investors.
“There is a lot of noncompliance not only with the securities laws, but other laws around anti-money laundering and protecting the public,” he remarked.
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Furthermore, the SEC chair characterized crypto as the “Wild West,” adding that the industry is filled with fraud and bad actors.
Dogecoin Co-Founder Slams Gensler
The video has continued to stir the wrath of crypto enthusiasts as investors took to the comment section to chide the SEC boss over his recent claims.
Notably, Dogecoin co-founder joined other crypto enthusiasts in criticizing Gensler for failing to provide clear rules for the industry.
Reacting, Markus pointed out that Gensler has not provided actual rules for the industry, adding that the SEC boss only “hand waves.” Markus’ comment about Gensler’s hand waving is his way of shading the SEC boss’ hand gesture during interviews.
Dogecoin further bashed Gensler, calling him “useless in every single way.”
bro you’ve never laid out any actual rules, you just hand wave
you’re basically useless in every single way
— Shibetoshi Nakamoto (@BillyM2k) December 21, 2023
SEC Refuses to Provide Specific Rules for Crypto
Markus’s frustration with Gensler, alongside other crypto enthusiasts, stems from the fact that the SEC boss has refused to provide basic rules for the industry despite growing demands.
For years, the industry has been calling on the SEC to provide clear rules specific to crypto. San Francisco-based exchange Coinbase took things to the extreme by filing a petition seeking new rules for crypto.
However, the SEC denied Coinbase’s rulemaking petition. The commission emphasized that it will not provide new rules for crypto because existing regulations are sufficient enough to govern the industry.
Following its response, Coinbase filed another petition in court to have the SEC’s decision reviewed.