I don't think they are clueless at all I think they know exactly what they are doing.
They've proven a dozen times over that they have malicious intent.
Like sending back to back Wells Notices to Coinbase and Binance within the same 24 hour period.
Anyone with half a brain cell knows this increases market manipulation.
Which is exactly the opposite of their job description.
"Protecting investors" is off the table for sure.
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I agree they have malicious intent, and while it's popular to call Gensler an idiot, I have to think, he is worth millions of dollars, which he earned teaching and consulting for people with much more money. I suspect he knows exactly what he is doing, and the secretive nature of cryptocurrency could allow both him and his overlorads to make plenty of money through market manipulation and other tricks.