The animus of the entire crypto world is focused on Securities and Exchange Commission Chair Gary Gensler.
Critics argue that he paints cryptocurrencies with too broad a brush. They argue that he gaslights well-meaning entrepreneurs by encouraging them to “come in and register,” knowing his process is set up for them to fail. They argue he knows new rules are needed but prefers to enforce impractical rules in order to stifle the industry altogether. And, of course, under his leadership, the SEC filed an enforcement action against Coinbase (NASDAQ:COIN), arguing several top coins, including Polygon’s MATIC (MATIC), Solana’s SOL (SOL) and others are securities largely because their issuance involved capital formation, despite their necessity in operating underlying networks.