Aug 30, 2023

Hermine Wong, former Coinbase Head of Policy and Principal at, questions Securities and Exchange Commission Chair Gary Gensler's piecemeal legal actions, stating "This inconsistent, case-by-case approach is confusing and ineffective.

Video transcript

You know, one of the big problems for Chair Gusler is that he decided to be the enfor chair in in the S ECs history. Now, the problem with being the enforces chair is that you don't necessarily mean that you're bringing quality cases. And this is now starting to show in these breaks where he has um he's lost a few cases. This gray scale one is a, is a huge blow to the overall crypto strategy. And then it's also showing Fishers of is he actually starting to pick winners and losers. This is a real game of Marco Polo that he's playing with the crypto industry with the public as well of like instead of issuing regulations instead of issuing guidance on these topics, he's doing it through these ad hoc litigation. That's not high impact, right? We think of high impact as being quality because agencies are of limited resources. So they can only focus so much at a time on any particular case. Instead he has this Marco Polo game of thinking like, oh yeah, you're, you're cold, you're cold. Oh no, no, no, hot, hot. We're gonna sue you now and warm maybe. Oh we might change our mind. This is very, very confusing. It's not a great strategy overall. I think this is just another data point of how this particular strategy of being the enfor chair is starting to crumble.

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