Gary Gensler Is Now Lecturing The US Army On Cryptocurrency• January 16, 2023 9:47 am • Comments
SEC Chair Gary Gensler recently lectured the US Army to be very skeptical about investing in the crypto market.
The US Army invited Gensler to its first Twitter Space of 2023 and Gensler wasted no time discouraging soldiers to invest in Crypto.
The SEC chair was quoted saying crypto is the “Wild West”.
He would go on to say “History tells us there’s not much room for micro currencies, meaning, you know, we have the U.S. dollar and Europe has the euro and the like.”
Gary Gensler, the head of the SEC, reaffirmed his skepticism towards crypto during a Twitter space session with the US armyhttps://t.co/ttMU1JEf8s
— crypto.news (@cryptod0tnews) January 12, 2023
SEC Chair Gary Gensler said crypto is the wild Wild west and that most of these 10 or 15,000 tokens will failhttps://t.co/a3fFjEIy7E
— XRPcryptowolf (@XRPcryptowolf) January 12, 2023
CoinTelegraph shared these details:
United States Securities and Exchange Commission (SEC) chair Gary Gensler has found a new audience for his crypto-skeptical pep talks — the United States Army.
On Jan. 11, the U.S. Army hosted its first Twitter Spaces event of 2023, with Gensler and SEC commissioner Caroline Crenshaw joining the discussion to provide financial advice on how and where U.S. soldiers should invest their money. Sergeant Lawrence Holmes noted “there are soldiers that look for those alternative investments [such as] crypto assets,” asking the pair what risks there were to crypto investing.
“It’s the Wild West,” Gensler answered, adding that “most of these 10,000 or 15,000 tokens will fail.”
“History tells us there’s not much room for micro currencies, meaning, you know, we have the U.S. dollar and Europe has the euro and the like.” He urged soldiers not to “get caught up in the FOMO — the fear of missing out” saying cryptocurrencies are “highly speculative” and “non-compliant.
Gensler further advised that if the G.I.’s see a yield that’s “too good to be true — it probably is” regardless of whether it’s crypto-based or not.
Here’s the entire recording:
— U.S. Army (@USArmy) January 11, 2023
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