Gary Gensler’s Ex-SEC Colleague Says Restrictive Crypto Regulation Is Like ‘Stifling Electricity Because Of A Stake In Oil Lamps’
Former SEC lawyer and lead tech analyst at I/O Fund, Beth Kindig, on Wednesday equated restrictive policies on crypto to historic attempts at holding back major advancements, likening it to “stifling electricity because they had a stake in oil lamps.”
What Happened: In an interview with Fox Business on Wednesday, Kindig suggested that regulatory resistance reflects “self-serving motives” rather than an informed view of the industry’s potential for innovation.
Kindig pointed to the significant surge in political spending by the crypto industry as an effort to protect innovation, with donations reaching an all-time high in the 2024 U.S. election cycle.
According to recent Federal Election Commission filings, crypto companies have contributed over $200 million, making the industry the …
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