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Cryptocurrencies and digital assets have taken the investing world by storm over the last couple of months, as new “alt-coins” continuously break out to record highs.
Gary “Vee” Vaynerchuk, a social media mogul, has touted in recent weeks the opportunities for retail investors to make money through digital assets such as cryptocurrencies and NFTs.
Despite all the attention Elon Musk brought to Saturday Night Live, investors were left disappointed as Dogecoin dropped by nearly 20% following Musk’s performance.
Dorsey has also taken his interests one step further by launching Square Crypto, which gives grants to top cryptocurrency developers.
Mark Cuban has recently tweeted about Dogecoin, saying that his Dallas Mavericks have started accepting Dogecoin and other cryptocurrencies as payment for season tickets.
Gensler also commented on the nature of crypto assets, saying that “a lot of crypto tokens … are indeed securities,” which would place those assets within the purview of the SEC.
The question of whether Gensler and his colleagues will push for any regulatory reform in the crypto space may cause headaches for investors, as “defi” may not be so decentralized after all.
While Gensler remained vague in his comments on individuals and the “pump and dump” nature of crypto assets, they were no doubt a warning to the likes of Elon Musk, Guy Fieri, and other celebrities who advertise crypto assets via social media.
Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.