2021-8-4 15:37 |
Earlier this year, when the US SEC got a new Chairman who had plenty of experience with the cryptocurrency industry, many in the sector expected that the regulatory state of things would move in a more favorable direction for traders. Specifically, that the SEC would soon approve a Bitcoin ETF, and that crypto might even receive some greater freedoms.
However, while the SEC’s new lead does have plenty of expertise when it comes to digital assets, he stressed that he is no cheerleader for them.
Gary Gensler, the new SEC Chair, never really made his stance on the crypto sector obvious. In fact, guessing his position became something of a game for everyone, including traders and investors, Washington, Wall Street, and even Silicon Valley.
His speeches and times when he appeared before Congress were thoroughly analyzed, and Goldman Sachs Group’s wealth advisers even researched his MIT Blockchain and Money course in hopes of coming up with the definitive answer regarding his position. They are not the only ones, either, as his online videos have already accumulated millions of views on the internet, which surprised even Gensler himself.
What the SEC’s new Chair really thinks about cryptoRecently, however, Gensler had his first real interview on the matter of crypto, and he stressed that he is not a fan of crypto. At least, he is not an enthusiast that many wanted him to be. Instead, he believes that the crypto industry needs to get a new, robust oversight regime that would be introduced for the protection of millions of investors who are blindly entering the sector and filling their portfolios with coins.
In truth, Gensler claims that he is neutral in regards to the technology behind it — even that he may be a bit intrigued. However, when it comes to investor protection, he is not nearly as neutral. He said that it is fine if someone wishes to risk their money speculating, but it is imperative to protect investors from fraud.
This is why he requested from Congress a new law that would allow the agency the authority to monitor crypto exchanges. It’s worth pointing out that he did say that the SEC’s powers are already very broad, but he believes that most cryptocurrencies are unregistered securities that must comply with the regulator’s laws.
He is not against crypto, and he believes that it could help advance modern society, as technology always did throughout history. But, for it to happen, there needs to be strong and thoughtful regulation. As for the Bitcoin ETF, he has no timetable regarding when or if it will even arrive.
The post SEC Chair reveals what he really thinks about cryptocurrencies appeared first on Invezz.
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