According to the New York Post, corrupt practices resembling those found in “banana republics” are allegedly taking place within the US Securities and Exchange Commission (SEC) under the leadership of Gary Gensler.
Gensler’s efforts to “fix markets” and his strong stance against cryptocurrencies have drawn criticism and pushback from various quarters. A senior correspondent and columnist at the New York Post, Charles Gasparino, has accused Gensler of deserving a place in the “Banana Republic Hall of Fame.”
Gasparino highlights Gensler’s approach to regulating cryptocurrencies through enforcement actions and his attempts to change longstanding securities laws, which results in increased pressure on companies concerning their reporting to the SEC.
Gasparino further argues that Gensler selectively pursues crypto companies while overlooking other blatant wrongdoing, such as in the case of market maker Virtu, whose infractions were characterized as serious insider trading without substantial evidence.