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Gensler Reacts to SEC Dropping Ripple Appeal and Other Cases
Gary Gensler, the former chair of the US Securities and Exchange Commission (SEC), has recently weighed in on the current state of the cryptocurrency market. In a recent statement, he expressed skepticism about the long-term prospects of many cryptocurrencies.
According to him, there is a lack of interest in most cryptocurrencies, apart from a few popular ones like Bitcoin and Ethereum. Gensler stated that if an asset does not have a real keen interest, it tends to not end well for investors.
“I don’t think we humans will have a fascination with 10 or 15,000 meme or sentiment tokens trading over the years,” he said in his statement.
Gensler went on to compare the cryptocurrency sector to precious metals. He noted that there are only a few valuable and widely accepted precious metals like gold and a handful of others. Similarly, Gensler believes that humans will not have a fascination with thousands of cryptocurrencies.
The former SEC chair also warned that investors should be cautious when investing in cryptocurrencies that do not have a clear use case or a real keen interest. He emphasized the importance of separating sentiment from reality when evaluating investment opportunities.
It is worth noting that Gensler has been vocal about his views on the cryptocurrency sector, particularly with regards to Ripple’s ongoing legal battle with the SEC. Recently, the SEC dropped its appeal in the case against Ripple, sparking hope among XRP investors that this may be a turning point for the asset.
Gensler’s comments have sparked controversy within the crypto community, with many calling into question his lack of understanding and appreciation for the decentralized and innovative nature of cryptocurrencies.
Source: https://u.today/gensler-reacts-to-sec-dropping-ripple-appeal-and-other-cases
