“Rug Pull” Crypto Art Exhibit Takes Jab At US SEC
The US SEC has been denying Bitcoin ETFs without good reason and targeting crypto tokens, NFTs, and the celebrities around every turn. Yet, they’ve seemingly turned a blind eye to the hundreds of rug pulls that have occurred right under their noses. These scams remain prolific in crypto, while the SEC prevents safe investment guardrails via an ETF and fails to provide proper guidance for the modern era.
This week, a guerrilla art exhibit from famed “American mathematical artist” and former hedge fund manager, Nelson Saiers, was set up outside of the SEC’s headquarters in lower Manhattan in protest.
The Warhol of Wall Street And His Campaign Against Corruption
Nelson Saiers has been referred to as the Warhol of Wall Street, and for plenty of reason. The hedge fund manager turned artist has a Ph.D. in mathematics and produced a number of one-of-a-kind pieces art pieces that include snippets of code from his former hedge fund’s algorithm.
His art has been featured in galleries at Harvard University’s Leverett House and the Alcatraz Federal Penitentiary. Before becoming an artist, Saiers worked as the Managing Director of Deutsche Bank AG and held a role at UBS.
Related Reading: Nelson Saiers’ Inflatable Bitcoin Rat Is Back To Take On The Fed
More recent and familiar art installations have had significant meaning behind them, with Saiers making bold statements that take on corrupt American institutions such as the Federal Reserve.
Within the Bitcoin community, Saiers is perhaps best known for his inflatable Bitcoin rat that was adorned with cryptographic code. In 2021 when inflation was running rampant, Saiers put $10 bills for sale for just 50 cents inside a gumball machine with a sign stating “out of order.”
“The “out of order” sign raises fundamental questions about the Fed over the last several years both economically and ethically. It also relates to the Fed’s hawkish turn (Jerome Powell’s remark about retiring “transitory”, and tapering), which means it may soon be harder to get cheap cash.”
Nelson Saiers’ Latest Exhibit: Selling Rug Pulls Under The SEC’s Nose
Saiers was right. The days of cheap cash are essentially gone, propelling cryptocurrencies into the spotlight as an alternative to the existing, corrupt financial system. The SEC, however, appear to be doing all it can to stifle innovation, adoption, and growth in the nascent asset class. Had a Bitcoin ETF been approved years prior by the SEC, there might not have been an FTX collapse.
Once again, Saiers has had enough and set out to make another statement, this time targeting the SEC. The artist chose the SEC’s headquarters in lower Manhattan, just blocks away from the Southern District Courthouse where financial crimes are prosecuted in the SEC’s own backyard. In their front yard, Saiers has set up a vendor stand offering onlookers cheap access to rug pulls. And he’s doing it right under the SEC’s nose, just like each new exotic crypto project of the week.
The regulatory entity continues to selectively enforce against whatever actors it deems as the most splashy, versus those that most protect consumers from crime and fraud. Furthermore, the SEC is the sole regulator standing in the way of a spot Bitcoin ETF approval, which would offer safe and secure access to BTC for institutional and mainstream investors alike.
