A blockchain teacher at universities.
He became one of the most hated figures in the field of #cryptocurrency.
Was Gary Gensler the villain in a misrepresented story? 👇
Gary Gensler was born in Baltimore, Maryland.
He was raised by a father who sold machines to local bars.
Gensler developed an early interest in finance.
He graduated from the University of Pennsylvania with a degree in economics.
Gensler began his career at Goldman Sachs in 1979.
And became one of its youngest partners at the age of thirty.
But he left Goldman Sachs when President Clinton appointed him as Assistant Secretary of the Treasury.
That was the beginning of his government career.
Contrary to popular belief.
Gary Gensler does not hate cryptocurrencies.
Before leading the Securities and Exchange Commission, he worked at the Commodity Futures Trading Commission.
And during his first term, he taught at the Massachusetts Institute of Technology from 2018 to 2020.
Where he focused on blockchain and its impact on finance.
Initially, the cryptocurrency community welcomed Gensler.
But in 2020, he led a lawsuit against Ripple (XRP).
And a case against a former manager at Coinbase for insider trading.
Interestingly, this is what Gary thought of Ripple in 2018:
The SEC also accused former FTX CEO Sam Bankman of violating anti-fraud provisions.
Even celebrity endorsements for cryptocurrency projects.
When the agency accused Kim Kardashian of promoting a token called EthereumMax.
Agreed to pay a settlement of $1.26 million.
The SEC continued to take action against the cryptocurrency ecosystem in various cases.
As Gary's views on cryptocurrencies seemingly changed over the years.
He was even seen as a signal to the market bottom.
And that is what made Gary earn the hatred of many cryptocurrency investors.
Donald Trump took advantage of that.
And he promised that if he became president.
The first thing he will do is fire Gensler.
Donald Trump kept his promise and Gensler stepped down shortly thereafter.
Cryptocurrencies have made progress in terms of regulation.
But things like launching TRUMP and MELANIA tokens.
And pardoning figures like Justin Sun.
Raises the question:
Was Gary really that bad?
