At the time, Gary Gensler was teaching at Massachusetts Institute of Technology’s Sloan School of Management.This is when he famously told students in 2018 that most of the crypto market was not securities. “Three-quarters of the market is non-securities. It is just a commodity, a cash crypto,” he said at the time.According to Binance lawyers, Gensler was “trying to cozy up to the company” before he unleashed his attack on the firm and its chief executive.
Gensler has been on the warpath this year, with his ultimate goal to crush crypto in the United States. Earlier this week, he said that America doesn’t need digital assets because it has the dollar. The SEC has also ordered the freezing of all Binance.US assets to prevent flights offshore. Industry experts have noted the irony in that by trying to “protect investors,” the SEC has actually caused them to lose millions.by a U.S. court this week, however, not being a U.S. citizen means that he doesn’t have to appear in person.Since the enforcement action earlier this week, BNB prices have lost around 16%. The asset had dropped 7% on the day in a fall to $260 at the time of writing.
However, BNB is still faring much better than many other cryptocurrencies have dropped just 62% from its peak price. Ripple’s XRP by comparison is down 85% from its all-time high as the firm is also in a battle with the SEC.
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