Gary Gensler shared his stance on the questions rising against him and the agency.
US Securities and Exchange Commission (SEC) is popularly known for its strict action against illegal activities in the spot fiat and crypto market. Since the last year, the SEC agency faced huge criticism, even though the agency worked in favour of the investors.
On 12 January, Gary Gensler- SEC chairman- wrote on Twitter that the market is just like a football game but without penalties for the players for their offences to break rules. And under that scenario players will break the rules easily.
“Imagine a football game w/o referees. Without fear of penalties, teams start to break rules. The game isn’t fair & maybe after a few min, it isn’t fun to watch. Without examination against & enforcement of our rules, we can’t instill the trust necessary for our markets to thrive.”
Through this tweet, Gary tried to explain that there is always a need to introduce strict actions against the crypto or any money Market so that every player in the market should go through particular rules and regulation-based working systems.
After this tweet, few people raised a question against Gary and asked why the SEC agency is considering Ripple as security while they are not taking any action or sharing any stance on Ethereum.
One of the users asked, why the SEC agency is doing work against Ripple company, while there are several similar kinds of tokens available in the market and they are working their business without any kind of threats.
Through the tweet, the SEC chair also confirmed that all the actions of the SEC Agency are based on the laws created by Congress. So indirectly Gary suggested people to stop raising voice against the agency because they are working on the laws, which was not created by the agency.