Gary Gensler WARNS: “A Lot Of These Tokens Will Fail”

Gary Gensler WARNS: “A Lot Of These Tokens Will Fail”

Many throughout the crypto community across social media are suggesting that the LUNA crash is not such a big deal as we’ve seen drawdowns of 85% before and coins fall off and it should be expected in the volatile crypto market. However, analysts and pundits are suggesting that it is a big deal. Maybe not in terms of the dollar amount wiped out of the market but the implications with government regulation and media attention. When the market crashed in 2017, do you remember what coins rounded out the top 10 coins according to coinmarketcap.com? If you don’t, we’ll remind you. But firstly, take into consideration that new projects are always risks. So how can you reduce these risks? Simply use the Jet-Bot, which is the most popular copy trading platform. It allows you to earn APYs ranging from 200% to 2,000% without taking any risks. Binance trading bots can assist you in determining your possibilities for starting your crypto. And now, let’s move back to the coins. The seventh best coin was IOTA, which is now ranked at 59.

The eighth ranked coin was Dash, which was trading around one thousand dollars and is now currently ranked 75th, trading at about $56.

The ninth ranked coin was NEM, which was trading for 80 cents at the time and is now trading for a nickel.

Finally, Monero finished off the top 10 and is the only coin trading remotely close to its 2017 value, down 50%.

 While all of those coins fell well out of the top 10, the difference between 2017 and 2022 is that many more eyes are on the crypto market and for good reason. When a coin crashes in the same fashion as Terra Luna, it grabs media headlines and the attention of those on capitol hill.

Gary Gensler, the U.S Securities and Exchange Commission Chairman, stated that we should expect many more coins to fail in the coming future. After a house appropriations committee panel hearing, Gensler told reporters, “I think a lot of these tokens will fail. I fear that in crypto… there’s going to be a lot of people hurt and that will undermine some of the confidence in markets and trust in markets.” Gensler went on to say that most coins are securities, which Michael Saylor has been arguing for quite some time. Gensler has been pleading with cryptocurrency trading platforms to approach the SEC and register. Gensler stated,

‘They should move towards getting registered or, you know, we’re going to be the cop on the beat, and we’re going to bring the enforcement actions.’

When it comes to playing bad cop, Gensler’s words might be all bite and no bark as he openly stated about the SEC that we’re really out personed when it comes to policing the crypto financial markets.

The realization that the SEC cannot monitor the bad players in space comes just a month after the SEC announced plans to nearly double the size of its enforcement divisions. The crypto unit in the crypto space. The Terra Luna collapse has raised eyebrows across the markets. If Genzler is correct, more coins will follow. Do you agree with Gensler? What coins do you see falling next?

[This article is a transcription of a video made by Only The SAVVY]

Original video: https://youtu.be/waJUcP2sn-M ]