Gary Gensler steps down as chair of Securities and Exchange Commission (SEC)

. . ahead of the change in administration. Gensler was responsible for 46 enforcement actions against cryptocurrency operations in the past year. The Commission's work led to the successful convictions of Sam Bankman-Fried and Chanpeng Zhao for fraudulent activity. He previously described cryptocurrency as an industry "rife with fraud and hucksters and grifters".

Kristin Smith, Chief Executive of the Blockchain Association said "Gary Gensler is going to go and everyone in the crypto community is incredibly excited".

Be afraid. Be sceptical and vigilant. And keep your money securely within your (non-electronic) wallet.

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PicturesOfABetterTomorrow · 41-45, M

I can see Trump replacing him with Jordan Belfort.

SunshineGirl · 36-40, F

@PicturesOfABetterTomorrow I am too depressed even to look up that name. I came of age during the crisis of 2007-8, which began with inadequate regulation of "innovative" financial products and ended with the taxpayer being on the hook for the ensuing chaos.

PicturesOfABetterTomorrow · 41-45, M

@SunshineGirl He was the so called Wolf of Wall St. One of the most famous white collar criminals.

Kind of like Bernie Maddoff but got off easy in comparison.

SunshineGirl · 36-40, F

@PicturesOfABetterTomorrow You couldn't make it up 🤦‍♀ Keep your money under your mattress . . the vultures are circling.

PicturesOfABetterTomorrow · 41-45, M

@SunshineGirl What is kind of insane is his chances of getting into a Trump government is pretty good. Since getting out of prison he somehow has become a Crypto Bro youtube "this is not fiancial advice" financial advisor with a following of people that most are not old enough to know why he went to prison.

SunshineGirl · 36-40, F

@PicturesOfABetterTomorrow We need to keep on talking about old history or people will never learn. The foxes are in the chicken pen.

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SunshineGirl · 36-40, F

@PicturesOfABetterTomorrow I work in finance. There are certainly lots of crooks in the industry (although perhaps not so many as in property). This is generally down to light or outdated regulation. When pound signs flash, ethics can fly out of the window. This is why we need effective government.

PicturesOfABetterTomorrow · 41-45, M

@SunshineGirl I disagree a bit on the solution. Regulation is a band aid. The one thing the last 90 years of history has shown us is with time and money the industries just outright buy loopholes or new weaker legislation and rinse and repeat.

justanothername · 51-55, M

@SunshineGirl You should watch the movie The wolf of Wall Street if you haven’t already.

SunshineGirl · 36-40, F

@PicturesOfABetterTomorrow Agencies need to be properly funded and resourced to keep up with the industry. Gensler did a pretty good job in a fiendishly complex area of the market.

PicturesOfABetterTomorrow · 41-45, M

@SunshineGirl The fatal flaw is all it takes is lobbyists to convince a few people in Congress to pass a "modernized" bill to make it impossible for someone like Gensler to do their jobs effectively.