Commission’s war on companies and tokens has hamstrung crypto industry

Is it incompetence or intentional? That question becomes unavoidable when examining the Biden administration’s myriad head-scratching decisions. It is hard not to wonder whether their failures are by design or unintended consequences.

Security and Exchange Commission Chairman Gary Gensler has become a model for this administration’s failures, placing us behind and at a marked disadvantage in digital currencies to our global competitors.

Mr. Gensler’s inept SEC has stifled an innovative American industry, making us a laggard in creating a framework for domestic cryptocurrency companies and users. As I noted in a previous column highlighting Mr. Gensler’s coddling of the now-infamous Sam Bankman-Fried, Mr. Gensler “has proven adept at failing to do his job while acting beyond his powers to wreck U.S. companies, injure our economy, and undermine America’s role as the global leader in innovation.”

Mr. Gensler’s attempts to thwart blockchain technology by treating cryptocurrencies as securities have been rebuked by the courts. Yet he and his fellow Democratic commissioners are “bound and determined to keep America in a crypto Ice Age, having time and again vented their bias against blockchain technology.”

The SEC’s war on companies and tokens has hamstrung the industry from revolutionizing sectors of our economy. Ironically, the commission’s repeated efforts to thwart the establishment of clear guidelines and rules for the cryptocurrency industry have resulted in de facto regulatory clarity for two major components of the cryptocurrency ecosystem: bitcoin and XRP.

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