When Gary Gensler (ex-Goldman Sachs investment banker) was announced as the new head of the Securities and Exchange Commission (SEC) in February 2021, the crypto industry saw a glimpse of hope. After all, the man in charge of regulating the industry was a “crypto native,” having taught a course on the subject at MIT. However, two years later, it’s clear that Gary has been a big letdown for the industry as the SEC failed to identify major frauds and protect investors.
The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com.
This should not come as a surprise, as history shows that the SEC is as effective as a screen door on a submarine when it comes to protecting investors. They’re supposed to be the watchdogs of Wall Street, but they’re more like the lapdogs of Wall Street.
Take the collapse of Enron in 2001 as an example. The SEC did not formally review the company’s cooked financial statements for at least three years prior to its d
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