Touting historically low approval ratings rivaling that of paper cuts and hay fever, one might think Joe Biden and his handlers cared enough about voter sentiment to address the more problematic areas of his administration serving to inflame his unpopularity.
An obvious place to start would be to cut bait with the capricious, reckless, and rogue Chairman at the Securities and Exchange Commission (SEC), Gary Gensler. That Biden has yet to remove the haughty Gensler is an affirmation of all that is wrong with his presidency and the SEC itself, whose continued bungling has drawn the ire of millions of American investors.
After 10 years of denials, last month the SEC approved a number of spot Bitcoin exchange-traded funds (ETFs), even as Gensler himself continued to denounce them. While the occasion represents a watershed moment for digital assets in the U.S., the approval was given grudgingly by a Commission boxed into a legal corner.
As blockchain trends heavily in global markets, Gensler 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. Thankfully the courts continue to rebuke the SEC’s illegal claims of power aimed at regulating nearly all crypto as a security.
A string of legal losses for the SEC has increased concern among investors, innovators, and others in the market that they will at some point face the Commission’s wrath. Last summer, the SEC was dealt a major blow in its case against Ripple Labs when federal Judge Analisa Torres ruled that XRP, a token used in Ripple’s payments products software, is not a security when sold on public exchanges. The ruling confirmed that the SEC’s power crusade against crypto is not grounded in law.
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