Stark Defends SEC Chair Gensler
Former SEC official John Reed Stark has defended SEC Chairman Gary Gensler and called on the crypto community to stop personal attacks on him. Stark, who is currently the president of cybersecurity firm John Reed Stark Consulting, founded and served as chief of the SEC Office of Internet Enforcement for 11 years.
Key Points:
- Gensler has stated that all crypto tokens, except Bitcoin, are securities. This has raised concerns among many who see it as a preconceived judgment.
- Stark cites SEC Commissioner Hester Peirce, known as “crypto mom,” as an example of someone with a pro-crypto ethos who would not recuse herself from enforcement actions.
- Stark argues that Peirce’s pro-crypto stance puts investors at risk and does not pass the straight face test.
- Gensler has been criticized for his enforcement-centric approach to regulating the crypto industry and for meeting with executives of the collapsed crypto exchange FTX.
- Stark believes that both Gensler and Peirce have the right to express their views and hold meetings with cryptocurrency executives.
Hot Take:
Stark emphasizes the importance of attacking SEC positions based on facts and law rather than resorting to personal attacks. He argues that personal attacks are ineffective and only serve to rally the mob.
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