When Gary Gensler was introduced to cryptocurrencies, most investors in the market today were unaware of Bitcoin. Gensler, who explained how wonderful Bitcoin and blockchain are in the lectures he gave at MIT in 2018, caused bloodshed in the industry during his three years in office. Between his attitude in the XRP Coin case and ETF rejections, he never had time to take steps on regulations.
SEC Chairman and Cryptocurrencies
In his speech today at the 2023 Securities Enforcement Forum, Gensler stated clearly that his approach towards crypto has not changed. As optimism for ETF approvals increases, every statement from the SEC is being closely followed.
Crypto’s nightmare Gary Gensler said;
“There is nothing in the cryptocurrency/asset securities markets to suggest that investors and issuers are any less deserving of the protections of our securities laws. Congress might have said in 1933 or 1934 that the securities laws applied only to stocks and bonds. However, Congress included a long list of definitions of securities, including ‘investment contract.’
This investment contract definition gives positive results in cryptocurrencies with the stretched Howey test. This is what Gensler is trying to impose on the United States.
“This is an area rife with fraud, bankruptcies and money laundering. Although many organizations in this field claim to operate outside the scope of regulations issued before Satoshi Nakamoto’s white paper, they have no hesitation in seeking the protection of the law in bankruptcy court and by litigating private disputes. And don’t get me started on crypto, it’s a deeply incompatible area.”
Although BTC dropped to $ 34,600 during Gensler’s statements, it would be appropriate to see some of them as personal comments. As a matter of fact, while Hinman said the opposite of Gensler on many issues, the institution did what was necessary. If what is needed now is to approve the ETF, he will do it despite Gensler.
Visits: 82
