Lawrence Damilola
The Chainsmokers is not happy with Securities and Exchange Commission (SEC) chairman Gary Gensler. At the second “Stand with Crypto Day” by a U.S. crypto advocacy group in Washington D.C. on Wednesday, the popular American electronic DJ and production duo publicly expressed their feelings during a performance.
“F***k Gary Gensler,” they said before performing a new song during the event.
On stage during their performance at the @standwithcrypto event in DC, @TheChainsmokers, who also moonlight as venture capitalists and have dabbled in #crypto, expressed their feelings about the SEC Chairman. 😬 pic.twitter.com/iAdGZPLePX
— Eleanor Terrett (@EleanorTerrett) September 19, 2024
The Chainsmokers’ Crypto Connection
The Chainsmokers’ participation in this political gathering is not coincidental. The renowned pair has displayed significant interest in the cryptocurrency industry, making investments in CreatorDAO, a decentralized entity that aids creators financially and technologically. Additionally, their involvement in the crypto world includes earlier investments in Royal, a marketplace for digital assets that caters to music artists, in collaboration with other musicians like Nas, Logic, and Kygo.
Gensler has maintained a strict regulatory stance on cryptocurrency, asserting that most crypto tokens should be classified as securities, thus falling under SEC regulations. This has led to several high-profile legal actions against major crypto platforms like Coinbase and Binance for allegedly offering unregistered securities.
Gensler emphasized the importance of compliance with existing securities laws, stating that the crypto industry poses significant risks to investors due to widespread non-compliance. He insists that even operations based outside the U.S. must adhere to these laws if they interact with American investors. This position has drawn criticism from some lawmakers who argue that the SEC’s approach could stifle blockchain innovation and decentralization.
Gensler will testify before U.S. lawmakers next Wednesday. This testimony comes as he is being investigated for alleged improper hiring practices.
The “Stand with Crypto Day” event followed the “America Loves Crypto Tour” bus journey, which aimed to make stops in five pivotal states, including Michigan, Wisconsin, and Pennsylvania, as initially reported by Politico. Sabrina Siddiqui, representing Stand with Crypto, announced, “Our second Stand with Crypto Day marks the culmination of our tour through key states, where we’ve been energizing and registering cryptocurrency enthusiasts to vote. We believe that the crypto community can significantly impact key battleground states across various races this election cycle, and we’re eager to discuss this demographic with lawmakers in Washington, D.C.”
Previously, the group organized the first “Stand with Crypto Day,” where they engaged with senators in the nation’s capital to push for regulations in the cryptocurrency sector. Entrepreneurs from the crypto sector and other interested parties also participated in that gathering.
Read More
- Gary Gensler: Is He Harris’ Baggage or Just a Scapegoat?
- Harris May Be Sidestepping the Issue of Cryptocurrency Regulation, For Now
- Kamala Harris Gets Ripple Bigwig and Crypto Bros Endorsement—But Hold
Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
