Biden’s SEC Chairman Gary Gensler Reveals Policies on Regulating Bitcoin and Cryptocurrencies
Gary Gensler, chosen by President Joe Biden to head the U.S. Securities and Exchange Commission (SEC), has revealed his policies on bitcoin and other cryptocurrencies if he is confirmed as SEC chairman. Gensler is a professor at MIT who teaches cryptocurrencies. He previously served as chairman of the Commodity Futures Trading Commission (CFTC).
SEC President Candidate Gary Gensler Talks About Bitcoin Regulation
Professor Gary Gensler has spoken about what his approach will be to bitcoin and other cryptocurrencies if he is confirmed as SEC chairman. His remarks were made during his confirmation hearing before the Senate Banking Committee on Tuesday.
Gensler is a professor at MIT Sloan School of Management, where he is also Co-Director of Fintech @ CSAIL and Senior Advisor to the MIT Media Lab’s Digital Currency Initiative. He teaches blockchain technology, digital currencies, financial technology, and public policy. Gensler is also a former Goldman Sachs partner who served as CFTC chair during the Obama administration.
At his confirmation hearing, he was asked what Congress and the SEC can do to create a more progressive regulatory environment for innovators in the crypto space.
“As I teach at MIT on these topics, these innovations have been a catalyst for change,” Gensler began, adding the following:
“Bitcoin and other cryptocurrencies have brought a new way of thinking about payments and financial inclusion, but they have also raised new investor protection issues that we still need to address.”
He went on to say the following. “So I think that, if confirmed at the SEC, I would work with other commissioners to promote new innovations, but also, in essence, ensure investor protection.”
Gensler clarified: “To the extent that someone is offering an investment contract or a security that is mandated by the SEC, and they have exchanges that operate there, then we need to make sure there is protection for investors.”
On the other hand, “If it is not that, and it is a commodity, as bitcoin has been considered, then it is a question for Congress or possibly a question for the Commodity Futures Trading Commission,” he described.
In addition, the professor also said that the SEC must ensure that cryptocurrency markets “are free from fraud and manipulation,” explaining the following:
“I think that’s the biggest challenge, frankly, because some markets, which generally operate abroad, have been plagued by fraud.”
The cryptocurrency ecosystem has high expectations around the new administration of President Biden, anyway the innovation does not stop, there is concern around the lack of decision-making in the matter of crypto, blockchain-bitcoin technology, anger Wherever public policies are friendlier, if the United States lags behind progress in this area, a great opportunity will have been lost. Waiting for new announcements
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