Experienced financial markets trader Peter Brandt has called out SEC Chair Gary Gensler, alleging that the regulator has a long history of not looking out for investors.
US SEC Chairperson Gary Gensler has often come under fire for his treatment of the cryptocurrency industry. From long-standing court feuds to denial of spot Bitcoin ETFs for several years, Gensler is by no means a darling of the cryptocurrency community.
Notably, the SEC Chair was recently receiving another spirited backlash, this time from legendary trader Peter Brandt.
The experienced foreign exchange trader and author claimed that Gary Gensler has had a long history of not acting in the interest of investors, pointing out two occasions in the past when the regulatory chairman has failed to protect the investing public.
Peter Brandt Points Out Gary Gensler’s Failings
Peter Brandt linked the infamous MF Global bankruptcy in 2011 to Gary Gensler, who was Chairman of the U.S. Commodity and Futures Trading Commissions (CFTC) at the time.
Precisely, Brandt claims that Gensler allowed his former Goldman Sachs colleague Jon Corzine to co-mingle customer funds, leading to hundreds of millions in losses for investors.
The legendary trader also claimed that Gary Gensler was the “get-away driver” in the Peregrine Financial bankruptcy in 2012, which cost investors at least $100 million. At the time, Gary Gensler admitted that the regulatory system failed to protect investors from the Peregrine Financial crisis.
Peter Brandt believes that Gary Gensler should not be trusted as the SEC Chairman. Additionally, nothing the SEC Chair says should be construed as being in the best interest of investors, Brandt claimed.
Gensler has a long history of NOT looking out for the interests of investors. Gensler was instrumental in the bankruptcy of MF Global by allowing his old Goldman Sachs buddy slimy Jon Corzine to co-mingle customer money with MF Global's own money to meet its margin call on a bad… https://t.co/ZOfntN98Xi
— Peter Brandt (@PeterLBrandt) February 15, 2024
The trader’s most recent posts came as a response to a recent CNBC appearance where the SEC Chair accused the cryptocurrency industry of being rife with fraud and manipulation. Gensler claimed that the crypto industry’s many bankruptcies show that the space is not safe for investors.
However, as many crypto enthusiasts, including Blockstream advisor Tuur Demeester, pointed out, these cases are not unique to the emerging industry.
Even legacy financial institutions, including those under Gary Gensler’s purview in the past, have been affected. As a result, many believe the SEC Chair may simply be targeting the crypto space for criticism.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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