Gary Gensler should get sued for promoting a security – Gensler promoted Algorand in 2019, which he now alleges is a security.
2 min read
Gary Gensler, the chairman of the SEC, promoted Algorand in one of his speeches at MIT on April 2019. He said:
Governance is tough. You could create uber or lift on top of a blockchain technology today – well, maybe in 5 years you could, it would have the performance. Silvio Micali’s Algorand, who is a turing award winner at MIT that I work with. Silvio has got a great technology that you can create uber on top of it“.
There’s likely more of these comments.
Now, Gary Gensler said that Binance US sells unregistered securities, including Algorand. So Gary Gensler said positive things about a security to a large crowd, a security owned by his former coworker that he worked with.
Jeremy Hogan -the attorney famous for covering the SEC vs. Ripple case- quoted the law that was used to sue Kim Kardashian over the EthereumMax scam. This law is very relevant here:
So if Gensler was paid directly OR indirectly for this speech by a relevant party, he would definitely be able to get sued for shilling a security.
It would be poetic justice if he shot himself in the foot here and gets a taste of his own medicine.
submitted by /u/Beyonderr
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