Lyman shares insights to help crypto enthusiasts get inside the mind of Gary Gensler.
Forbes contributor Sam Lyman, who once said the XRP army is behind all cryptocurrencies, published an op-ed on SEC Chairman Gary Gensler.
of articleTitled “Crypto Wars: The Secrets Behind Gary Gensler’s SEC Strategy,” the article tends to allow members of the cryptocurrency community to “get inside the mind” of the Commission Chair.
“Mr Gensler’s attacks on digital assets pose an existential threat to the industry. But for him, it may be just a stepping stone on the road to higher status.”
— Sam Lyman (@SamLyman33) June 18, 2023
Gensler’s change in stance on cryptocurrencies
Lyman pointed out Gensler’s dissenting views on cryptocurrencies before he was appointed SEC chairman and when he eventually became the commission’s boss.
According to Lyman, Gensler once pointed out in 2018, when he was chairman of the Maryland Financial and Consumer Protection Commission, that three-quarters of the cryptocurrency market was not securities. According to Lyman, Gensler mentioned Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) as non-securities.
But since Gensler took over as SEC chairman, his position has changed. repeat “Everything other than Bitcoin” is a security.
Lyman followed the timing and content of the SEC’s enforcement action against cryptocurrencies, arguing that Gensler was not a “run-of-the-mill regulator” but a “cunning political manipulator and media mastermind.”
Gensler’s political maneuvering and media use
From an early age, Mr. Gensler was adept at playing politics in big companies. A Forbes contributor noted that Gensler became a partner at Goldman Sachs at just 30 years old.
After a successful run on Wall Street, Mr. Gensler served as Assistant Secretary for Financial Markets at the U.S. Treasury under President Bill Clinton, where he acquired his initial knowledge of policymaking.
Gensler has acquired considerable knowledge over the years, Lyman added, adding that the SEC chief knows how to work with the media better than any Washington agency chief.
“In his own words, the cryptocurrency industry is full of ‘hacksters.’ Scammers. Scammers. Ponzi schemes. We launched a legal attack.” said Lyman.
He said the SEC file a lawsuit Kim Kardashian last fall was Gensler’s way of making headlines on niche policy issues. Since the SEC’s lawsuit against Kim Kardashian, Gensler has been able to command mainstream discourse on cryptocurrencies, Lyman noted.
Forbes contributors argue that Congress was powerless to stop Gensler. Lyman said Gensler was quick to read parliamentary attacks and was making important moves to contain parliament.
A good example is the SEC lawsuit against Binance, coin baseLyman believes this was Gensler’s response to the House draft of the McHenry-Thompson bill.
Virtual Currency – Easy Target
Despite overseeing more than $40 trillion in capital markets, SEC enforcement action is directed at about $1.1 trillion worth of cryptocurrencies under Gensler’s leadership.
According to Lyman, cryptocurrencies lack the lobbying power of traditional financial institutions, making them easy targets for federal agencies such as Congress and the SEC.
Gensler has built a reputation as a no-nonsense regulator. Notably, Gensler also has strong relationships with members of the House and Senate, including Senators Elizabeth Warren and Corey Frank.
“If policy is like a painting, then Gensler is Picasso. The media is his brush, Parliament his canvas.” Lyman added.
Gensler’s draconian policies pose a significant threat to the cryptocurrency market, but the SEC Commissioner believes the move could put him on the right path to high office in the Joe Biden administration or the next. ing.
Deaton Urges XRP Community to Follow Lyman
As expected, Lyman’s op-ed article sparked a reaction among crypto enthusiasts. Renowned lawyer and cryptocurrency advocate John Deaton called the work “outstanding.”
He also encouraged XRP community members to follow Lyman on Twitter.
— John E Deaton (@JohnEDeaton1) June 18, 2023
It’s worth noting that Lyman has previously praised XRP community members.last month he Said The XRP community is all about cryptocurrency when it comes to regulation.
According to Lyman, if Ripple wins its lawsuit against the SEC, that victory would ultimately set a legal precedent that could protect the industry from the Commission’s overreach.