Charles Hoskinson Slams Gary Gensler's Remarks on Crypto Regulation as 'A Lie'
Charles Hoskinson, the founder of Cardano, a blockchain platform, has criticized recent remarks made by Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), regarding crypto...
Charles Hoskinson, the founder of Cardano, a blockchain platform, has criticized recent remarks made by Gary Gensler, the head of the U.S. Securities and Exchange Commission (SEC), regarding crypto regulation. Hoskinson took to Twitter to voice his discontent, stating that Gensler’s comments were a “lie.”
Gensler had spoken about the events surrounding the Kraken exchange and said that the SEC is neutral towards cryptocurrencies, with the goal of protecting investors. He added that crypto service providers should simply follow the rules, register, and comply with regulations.
However, Hoskinson believes that there is no real way for crypto service providers to register or comply with regulations. In his view, even if providers spend millions of dollars and years, they will not receive any answers or a viable path forward.
He did. The point is there is no way to actually register or comply. You can spend millions of dollars and years and get no answer or viable path forward. It’s just a lie
— Charles Hoskinson (@IOHK_Charles) February 12, 2023
The Kraken exchange was recently forced to shut down cryptocurrency staking services for U.S. users and pay a $30 million fine as part of a settlement with the SEC. The regulator claimed that Kraken failed to adequately warn users about the risks associated with staking cryptocurrencies.
Jesse Powell, the founder and head of Kraken, also responded to Gensler’s comments in a sarcastic manner. Powell stated that he did not know that to avoid a hefty fine and the closure of a business line, all he had to do was fill out a form on the SEC website and warn users about the potential risks of staking.
Conclusion
In conclusion, Charles Hoskinson and Jesse Powell have both expressed their skepticism about Gary Gensler’s recent remarks regarding crypto regulation. While the SEC aims to protect investors, some members of the crypto community feel that the regulator’s approach is misguided and could harm the growth of the industry.
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