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Gary Gensler, SEC chair nominee, has recently revealed his policies on bitcoin and other cryptos.
Gary Gensler is a professor at MIT and a pick for the U.S. Securities and Exchange Commission chairman by Joe Biden. He has revealed his policies regarding Bitcoin and other cryptos. He has made his statements on Tuesday during his hearing before Senate Banking Committee.
During his confirmation hearing, when asked what SEC can do to create a forward-thinking regulatory environment, he said that cryptocurrencies had brought new payment methods and raised new issues of protection. He added that he would focus on promoting innovation along with ensuring investor protection.
He further added that the Securities and Exchange Commission should ensure that crypto markets are free from manipulation and fraud. He believes that the most significant challenge here is to cope up with the fraud.
We can analyze from the statements made by the SEC chair nominee that the SEC could work on its guidelines for cryptos to provide clarity to the evolving market. Bitcoin is likely to exempt from the laws being a decentralized asset. In his conference in 2018, Gary Gensler stated that the companies' digital currencies seem to violate the securities law, including the virtual currencies created by Ripple and Ethereum.
In the recent month, Bitcoin hit its all-time high after the companies like Tesla and Mastercard embraced crypto. The crypto industry has been calling for clarity for many years over the securities laws of cryptocurrencies.
Gary implemented few complex derivative rules after the financial crisis of 2009. Gensler is indeed a person who would bring a high degree of knowledge regarding crypto that would help someone to regulate the crypto space. If confirmed on the Securities and Exchange Commission, Gensler would work with his fellow commissioners to advertise the innovations along with the core investor safety.
It would be great to see Gensler implementing his policies if confirmed as a chairman of the Securities and Exchange Commission.