Earlier this year, when the US SEC appointed a new president who had a lot of experience with the cryptocurrency industry, many in the industry expected the regulatory state of affairs to move in a more favorable direction for traders. . Specifically, that the SEC would soon be approving a Bitcoin ETF, and that the cryptocurrency could even receive some more freedoms.
Millions of views online
However, while the new SEC chief has a lot of experience when it comes to digital assets, he stressed that he is not a cheerleader of them.
Gary Gensler, the new SEC chairman, never made his stance on the cryptocurrency industry obvious. In fact, guessing its location has become something of a game for everyone, including traders and investors, Washington, Wall Street, and even Silicon Valley.
His speeches and the times he appeared before Congress were thoroughly analyzed, and Goldman Sachs Group's wealth advisors even studied his MIT Blockchain and Money course in hopes of finding the definitive answer on his position. They are not the only ones either, as his online videos have already amassed millions of views on the internet, which surprised even Gensler himself.
What the new SEC president really thinks about cryptocurrency
Recently, however, Gensler had his first real interview on the cryptocurrency issue, and stressed that he is not a fan of cryptocurrencies. At least, he's not as enthusiastic as many wanted him to be. Rather, he believes the cryptocurrency industry needs to get a new and robust oversight regime that would be introduced to protect millions of people. Investors who are entering the industry blindly and filling their wallets with coins.
In truth, Gensler claims to be neutral about the technology behind it, although he might be a little intrigued. However, when it comes to investor protection, it's not quite as neutral. He said it's okay if someone wants to risk their money by speculating, but it's imperative to protect investors from fraud.
This is why he asked Congress for a new law that would allow the agency the authority to monitor cryptocurrency exchanges. It is worth pointing out that he said that the powers of the SEC are already very broad, but he believes that most cryptocurrencies are unregistered securities that must abide by the laws of the regulator.
He is not against cryptocurrencies and believes it could help advance modern society, as technology has always done throughout history. But for this to happen, strong and thoughtful regulation is needed. As for the Bitcoin ETF, it has no timetables as to when or if it will arrive.
