Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has discovered a new audience for his crypto-skeptical speeches: The U.S. Army.
Gensler and SEC commissioner Caroline Crenshaw participated in the U.S. Army’s first Twitter Space of 2023 on January 11 and offered financial advice on how and where U.S. soldiers could invest their money.
“We are here to inform you about how to make smart investments in crypto and other financial instruments,” said Gensler during the event, according to CoinTelegraph. “The last thing we want is for our soldiers to get involved with something that could harm them or their families financially down the road.”
The Army is now advising its soldiers not to invest in cryptocurrencies.
In a recent congressional hearing, the U.S. Army’s chief information officer, Lieutenant General Gina Gensler, and Sergeant Major of the Army Daniel A. Dailey warned soldiers against investing in cryptocurrencies due to their high risk profile.
When questioned about whether cryptocurrency investments are good for soldiers, Dailey said he is not against them but that he does not think it’s a good idea for them to be invested in crypto assets at this time.
He then went on to explain that there are risks associated with cryptocurrency investments and there are many scams around it so soldiers should be careful when making their choices.
Gensler then added that history has taught us that most of these 10,000 or 15,000 tokens will fail and therefore they should not get caught up in the FOMO (fear of missing out) mentality when investing in cryptocurrencies because they are highly speculative and non-compliant with SEC regulations such as Know Your Customer (KYC) requirements or Anti-Money Laundering (AML).
Compiled by Coinbold