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Shocking accusations: Did Gensler manipulate the market by targeting Coinbase?

Fri 09 Jun 2023 ▪ 4 min of reading ▪ by La Rédaction C.
Getting informed Crypto regulation

Last Tuesday, the SEC, through its chairman, Gary Gensler, filed legal proceedings against the crypto platform Coinbase. The case could see its first twist as Coinbase claims to have evidence of potential bad faith on Gary Gensler’s part in this matter.

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Could the SEC chairman manipulate the market?

Are the recent SEC lawsuits against the crypto platform Coinbase an unfounded and illegitimate charade? That’s what the latest information surrounding the case suggests, particularly concerning Gary Gensler, the SEC chairman.

According to a new disclosure on Thursday, June 8th, by the Twitter user @Capo_WSB, the chairman is being accused of market manipulation. In other words, the all-powerful head of the SEC allegedly attempted to unfairly take advantage of the market.

It is claimed that he tried to manipulate the conditions of the crypto market by unjustly targeting certain industry players. This is evidenced by the placement of over $2.5 million in BTC short just 48 hours ago. This information, however, has yet to be confirmed!

If this transaction were to be proven, it would carry significant meaning as placing funds in BTC short objectively indicates a clear intention to profit. When such an operation is executed, the investor is betting on the decline in the price of an asset.

The objective pursued by such a maneuver would be to subsequently repurchase the asset at a significantly lower price, thereby generating a notable profit. This strategy, bold as it may seem, is far from lacking strategic intelligence.

If these accusations were to be substantiated, it could have significant repercussions not only on Gary Gensler career as head of the SEC but also on the stock prices of Binance and Coinbase. Binance and Coinbase are the targets of financial regulatory actions. The developments in this case, therefore, deserve close attention.

https://twitter.com/RinoChantana/status/1666888013157380096

Gary Gensler: Between cynicism and hypocrisy?

On social media, particularly Twitter, the news is causing a seismic effect. The SEC chairman is facing the wrath of the crypto community, with criticisms ranging from cynicism to hypocrisy.

Many see these revelations as the underlying causes of the war launched against crypto firms by the SEC. For example, Twitter user @ibrakvvv sarcastically comments, “Oh Gary, you want to play smart, huh?” while sharing the information.

Such a shitty show! You fought with technicians and got beaten? Didn’t anyone tell you that data extraction works both ways?” adds @3_HolyTrinity_3, sarcastically.

As evident, the crypto community is not holding back against Gary Gensler. This is happening even though no credible source has officially confirmed the news yet. If the allegations are confirmed, it would undoubtedly be a resounding victory for the crypto industry. The question then arises about the fate of the SEC chairman. This case deserves to be closely monitored.

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La Rédaction C. avatar
La Rédaction C.

The Cointribune editorial team unites its voices to address topics related to cryptocurrencies, investment, the metaverse, and NFTs, while striving to answer your questions as best as possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.