CRYPTO

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FIRST IN MM: Gensler’s allies come to his defense – The American Economic Liberties Project has a new reportdefending SEC Chair Gary Gensler from the crypto industry’s claims that the regulator failed to crack down on FTX before it collapsed into bankruptcy last month.

According to Matt Stoller, the group’s director of research, Gensler’s enforcement strategy and anti-crypto stance helped keep the FTX contagion from infecting traditional markets.

“There’s a remarkable level of chutzpah going on here,” Stoller told MM. “The crypto people, they’re the kid that murdered his parents and then asked for mercy because [he’s] an orphan.”

Is the crypto crash good for banks? — A Consumer Bankers Association poll conducted in early December found that 49 percent of Americans said the crypto crash made them more likely to choose a traditional bank. About 35 percent said the meltdown had not impacted their decision, and 16 percent didn’t know.

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