Algorand (ALGO) Suffer Significant Losses Following SEC Chair’s Remarks

U.S. SEC chairman Gary Glenser declared Algorant as an unregistered security.
The ALGO trading price has declined by around 6% in the last 24 hours.

The U.S. Securities and Exchange Commission chairman, Gary Gensler, declared that Algorand (ALGO) was an unregistered security. Now Gary Gensler has been caught promoting Algorand.

No doubt this will be the subject of at least a few lines of questioning at tomorrow’s House Financial Services Committee hearing.
Gensler previously called Algorand a “great technology” that you could build Uber and Lyft on.
Today, he declared $ALGO an unregistered security. pic.twitter.com/Sn6JVrEgq4

— Eleanor Terrett (@EleanorTerrett) April 17, 2023

A video of Gary Gensler has emerged on Twitter. In that footage, Gary Gensler promotes the Algorand (ALGO). He stated that Algorand is a great technology; it has the performance you can create Uber and Lyft on top of it.

Moreover, Gary Gensler has been speaking highly about the ALGO at several public events. Critics are calling him a hypocrite for his speech.

Gary Gensler’s action had a huge negative impact on the ALGO trading price. Whale Chart reported that $100 of ALGO, when Gary Glenser said you could build Uber on it, is today worth $5. At the time of writing, the trading price of ALGO is around $0.221, with a decline of 5.41%, according to CoinMarketCap.

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