The post Senator Calls Former SEC Chair Gary Gensler ‘One of the Stupidest People in Government’ appeared first on Coinpedia Fintech News
Senator Bernie Moreno recently criticized former SEC Chairman Gary Gensler, labeling him “one of the stupidest people in government.” Moreno, who gained attention for defeating Elizabeth Warren’s anti-crypto efforts in Ohio, made the comment during a recent hearing, where he was addressing Paul Atkins.
In 2024, during a Bitcoin conference, Donald Trump promised that if he were elected, he would fire Gensler on his first day in office. In November, after Trump won, Gensler decided to step down and announced his resignation. Now, Gensler’s replacement, Mr. Atkins, has been chosen to lead the SEC.
Gensler faced criticism for his tough stance on cryptocurrency regulations. Many in the crypto industry felt his approach was overly harsh, creating barriers to growth and innovation. Critics argued that Gensler failed to provide clear rules, leaving companies and investors uncertain about what was allowed. Instead of offering guidance, his SEC focused on enforcement actions, leading to fear and confusion within the sector.
Additionally, some believed Gensler was more focused on protecting traditional financial institutions, like JPMorgan, from the competition posed by cryptocurrencies, rather than supporting the crypto industry’s development. His handling of the Ripple case, in particular, angered many in the crypto community, who saw it as an unnecessary attack on a project that was pushing for industry growth.
Moreno’s remarks have added fuel to ongoing debates within the crypto community, many of whom felt Gensler’s tenure at the SEC was overly aggressive and misaligned with the needs of the growing digital asset market.