Gary Gensler was appointed head of the SEC. What does this mean for BTC?

Gary Gensler has already officially been head of the SEC, corresponding to our KNF in the USA. He will therefore play a key role in overseeing the US financial sector by the Joe Biden administration. What does this mean for cryptocurrencies?

Gary Gensler headed the SEC

It is worth remembering that Gensler was previously chair of the Commodity and Forward Trading Committee. It happened during the Barack Obama presidency. Now he led the SEC, i.e. he will monitor the cryptocurrency market. At least in part.

Gensler has shown many times that he understands blockchain technology. In his view, this type of “innovation is a catalyst for change. Bitcoin and other cryptocurrencies have given new impetus to payments and financial integration, but have also raised questions about new investor protections that we still need to address. “

It is worth adding that he is a professor at MIT, which emphasizes his passion for technological innovation. That’s good for Bitcoin. However, there is also the other side of the coin.

War at the top

Gensler will certainly be able to count on cooperation with SEC Commissioner Hester Peirce, who advocated more liberal US legislation on digital assets.

– I look forward to working with President Gensler on many of the issues facing the Commission, including cryptocurrencies. Hopefully it will see the need to promote innovation and provide more regulatory security in cryptocurrencies Said the block.

It is possible that this duo will improve the regulatory situation for cryptocurrencies and tokens in the United States.

The problem, however, may be that the SEC’s chief is not omnipotent. Washington is full of lobbyists and various business and political parties. Some of them may not necessarily be Bitcoin-friendly. Remember that Janet Yellen has recently become the US Treasury Secretary, for whom cryptocurrencies are mainly tools for criminals and terrorists. It is possible that between the two personalities – Yellen and Gensler – there will even be competition on how to regulate the new market.

Gensler does not intend to change the position of the SEC in relation to, for example, the ICO. He referred to this topic at MIT lectures in 2018 and said that he considered XRP to be the type of action issued by Ripple. The latter company has legal problems on this basis. It is accused that XRP only “plays” the token, even if it is a share, ie a security.

In short: Gensler’s person is a light in the tunnel for the US cryptocurrency market. But there are still many threats lurking nearby that could wipe them out.

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