RE: SEC Chair Gensler: Clueless About Cryptocurrency
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I wonder how much these guys actually believe their statements. Does he thinks that parallels between two things mean that they are identical. "It's like the wild west", yeah, in some ways, but it's also really really not like that at all. I love how they use this "keeping us safe" excuse, while meanwhile regular people can't participate in IPO's and ICO's and the bulk of the gains go to institutions.
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It is debatable in general, if the fact that this one (out of 1000) crazy guy who sold his house and grandma for the latest investment idea (and got bankrupt) is sufficient proof for regulation in order to safe investors. 999 guys that also bought into the idea and lost some of their risk capital had bought a valuable lesson for further investments (at least).
That is true. It is also why the wealth distribution just keeps on growing. We are seeing those wealthy get involved in things that average people are excluded because they are not accredited investors.
It is a convenient way to keep the system exclusionary.
Yet people can go to casinos or bet on state lotteries, yet they are excluded from many types of securities.
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I think they are already invest privately, he just doing his job, protecting the role of the US dollar in the world. Here is he just representing.