It is still unclear what cryptocurrency policy Joe Biden will pursue. Those who feared that the situation would be worse than it had been over the past four years can, however, breathe a sigh of relief. Gary Gensler says Bitcoin and other digital currencies are causing important, transformative changes in the financial world. Gensler recently joined the US Securities and Exchange Commission (SEC).
Gary Gensler: Cryptocurrencies will change the world of finance
At a Senate hearing, Gary Gensler He said congressmen that Bitcoin and other such assets are paving the way to a new age in the financial world. In his opinion, regulators have an important task to do. They must ensure the safety of all investors in new markets.
– These innovations were a catalyst for change. Bitcoin and other cryptocurrencies introduced a new approach to payments and financial integration, but also raised new investor protection issues that we still need to address – He said.
Gensler also sheds light on what digital asset policy he plans to pursue. First of all, it is open to cooperation with “other commissioners to promote new innovations but also, above all, to ensure investor protection. “
– For example, if something was a security it falls under securities laws, it falls under the SEC – He said. It is possible that he meant Ripple. The company is accused of issuing securities using XRP tokens.
The new head of the SEC emphasized that he was close to the idea “Promote technology but still stay true to our core values, such as investor protection and capital creation.”
Controversy about the cryptocurrency market
The new SEC president is facing a great challenge. The topic of cryptocurrency regulation in the USA appeared even during the presidential company. Andrew Yang, who tried to nominate the Democratic Party to be able to fight for the White House, pointed out that the law in his country hinders the development of the blockchain market.
The topic of XRP has recently returned to the US. Already in 2018, lawyers argued that there was an argument saying that the XRP token is a security. Importantly, experts added that Bitcoin does not belong to the same category. Same as Ether.