Gary Gensler, despite his anti-crypto posture at the SEC, promotes Algorand.
Gary Gensler, the chairman of the Securities and Exchange Commission, was recorded promoting Algorand. Critics accuse him of hypocrisy.
Gary Gensler, chairman of the Securities and Exchange Commission (SEC), has been captured on camera promoting the cryptocurrency Algorand (ALGO). Gensler, chairman of the Securities and Exchange Commission since 2021, is spearheading a regulatory assault on Bitcoin and other cryptocurrencies.
At one point in the footage, Gensler speaks highly of the project’s inventor, the Italian computer scientist Silvio Micali. “The MIT Turing Award laureate I collaborate with is Silvio Micali, his Alogrand. On top of Silvio’s excellent technology and efficacy, you could build Uber.”
In addition, Gensler seems to have praised Algorand at multiple public events since at least 2019. In spite of his anti-crypto posture at the SEC, Gensler is listed as an instructor for the MIT Open Learning course “Blockchain and Money.”
A colleague at the SEC has criticized Gensler’s opposition to blockchain technology. As Commissioner Hester Peirce put it on April 14th, “we propose to embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology” rather than embracing the potential of new technology.
In the United States, the Securities Act of 1933 and the Securities Exchange Act of 1934 govern the promotion of securities. These regulations govern the offer and sale of securities, require registration or an exemption, and prohibit material misrepresentation or omission. Those who violate the law are subject to civil and criminal penalties, such as fines and imprisonment.
The SEC took legal action against Kim Kardashian in 2022 for promoting cryptocurrency security. The announcement was made on the same day that the SEC deemed six crypto tokens listed on Bittrex to be securities. Algorand is present. According to the SEC, these currencies should be classified as securities under US law because investors anticipated a profit.
On Monday, the SEC also announced Inspector General Deborah J. Jeffrey’s appointment. However, it remains unclear whether the new official will investigate Gensler for possibly promoting Algorand as security.
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