SEC Chairman Gary Gensler annoyed by constant questions about cryptocurrencies. You can come to such conclusions by watching the SEC chairman's appearance on CNBC's Squawk Box. Gary Gensler's reactions are important because applications for approval of ETH-based spot ETF funds are on the table of the US Securities and Exchange Commission.
Gary Gensler annoyed with cryptocurrencies? The SEC chairman avoids answering questions about ETH ETFs
The head of the SEC seems to be increasingly irritated by answering questions about cryptocurrencies. In the Squawk Box program on CNBC, Gary Gensler noted that he receives an excessive number of questions about cryptocurrencies compared to traditional finance. Gary Gensler, irritated by the number of questions, pointed out that the SEC controls the capital market with a volume of USD 110 trillion, while the cryptocurrency market is USD 2.4 trillion. The SEC chairman noted that many cryptocurrency companies do not comply with U.S. securities laws, so they are “excessively involved in fraud and problems in our markets.”
Host Andrew Ross Sorkin asked if the media's excessive questions about cryptocurrencies are not because the SEC's attention seems to be focused on this area. The SEC chairman quickly responded sarcastically that “this is the area where your attention is focused.” An irritated Gary Gensler added:
Think about it. I've been on your show probably ten times now? And every time you ask me about cryptocurrencies!
What does the SEC chairman's irritation portend for ETH ETFs and the cryptocurrency industry?
Gary Gensler being annoyed with questions about cryptocurrencies is not a good sign for the cryptocurrency industry. The naysayers will claim that the SEC chairman has been irritated by digital assets throughout his term. This is not far from the law, but the SEC is clearly tightening restrictions on cryptocurrencies and focusing attention on various companies in the industry.
A great example of this is the fact that Gary Gensler did not respond to a question about Robinhood alleging that its cryptocurrency listing and custody services violate securities laws. Gensler also consistently rejects the answer to the question of whether ETH is a security. He merely notes that applications for ETH ETFs will be reviewed in due course by the five SEC commissioners.
