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Globe says even SEC couldn't stop crypto stupidity

2022-06-14 08:27 ET - In the News

The Globe and Mail reports in its Tuesday edition that as the cryptocurrency industry exploded, more and more money poured into these, but most of those assets sit atop the underlying technology and are not the infrastructure itself. The Globe's Tim Kiladze writes that left the crypto sector vulnerable, because as crypto assets soared no one was able to prove why one specific asset or company should be worth more than another. Everyone rode the wave because it became cool to believe crypto was the next Internet. What everyone forgets is that very few saw the Internet coming. The crypto phenomenon has been the reverse: The major players have piled in hoping to get rich, and that has forced them to tell stories about why the industry will eventually be so great. Even when trillions of dollars were pouring into crypto assets, the sector was not governed by a watchdog. Gary Gensler, the head of the U.S. Securities and Exchange Commission, famously launched a media campaign late last summer to warn investors that the industry is "rife with fraud, scams and abuse," but even he could not craft guidelines. The dithering largely stems from a philosophical debate: No one can decide how to define a crypto asset.

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