Gary Gensler finds new audience for his crypto skepticism: the US Army
United States Securities and Exchange Commission (SEC) chair Gary Gensler has found a new audience for his crypto-skeptical pep talks — the United States Army.
On Jan. 11, the U.S. Army hosted its first Twitter Spaces event of 2023, with Gensler and SEC commissioner Caroline Crenshaw joining the discussion to provide financial advice on how and where U.S. soldiers should invest their money.
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Sergeant Lawrence Holmes noted “there are soldiers that look for those alternative investments [such as] crypto assets,” asking the pair what risks there were to crypto investing.
“It’s the Wild West,” Gensler answered, adding that “most of these 10,000 or 15,000 tokens will fail.”
He urged soldiers not to “get caught up in the FOMO — the fear of missing out” saying cryptocurrencies are “highly speculative” and “non-compliant.”
Gensler further advised that if the G.I.’s see a yield that’s “too good to be true — it probably is” regardless of whether it’s crypto-based or not.
Crenshaw added to Gensler’s comments, saying that cryptocurrencies are “noted for their scams” and stated:
She said those considering a crypto investment should give “careful, careful consideration” to the percentage of their portfolio they devote to digital assets.
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As for the SEC’s advice on where U.S. Army personnel should place their dollars, Crenshaw told troops to invest “as much as possible” in a Thrift Savings Plan (TSP) — a government-sponsored retirement plan for federal employees and service members.
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