GARY GENSLER'S OPINION
It is not awesome to see because it is creating a lot of fear and uncertainty for U.S. crypto investors. Right now, the SEC is going on a litigate to regulate policy where they just sue everybody and let judges decide. It is a terrible approach to try to regulate cryptocurrency and it is really strong actual legislation to come from the government which is what the industry has been asking for for years. They are not going to ban cryptocurrency they are just going to regulate it and leave a lot of uncertainty in the industry. They need common sense legislature to be put in place, it is just not happening. Of course, Gary Gensler's opinion is not law but that is how he thinks. The person running the SEC right now looks at anything that is not Bitcoin as goes we could come after you at any time which creates a situation for the crypto industry in the United States where they are simply not going to be innovating as much.
Back when Uniswap did their airdrop a few years ago, everybody was super excited about their token because you are going to get 5% of the trading fees for staking your coin on their platform. It would have been huge, so much money would have been made by stakers within that time and now but they never did it because they were afraid of the SEC. Pushing crypto away from the United States would be a serious mistake of the U.S.A., we are going to other countries innovate in this regard. We are seeing UAE, Singapore, Hong Kong, and different countries in Europe starting to welcome this innovation. If you the US screw this one up, it is bad as screwing the internet. Back when the Internet came out, some people wanted to ban the Internet and then it went to be one of the biggest financial things to happen in our lifetime. Crypto is going to be the same thing, this is the settlement layer of the Internet.