[ad_1]
Today, the Chairman of the United States Securities and Exchange Commission, Gary Gensler, delivered an address to the European Parliament which equated Bitcoin with the early internet in terms of global paradigm-shifting technology.
Speaking virtually, Gensler told the European Parliament’s Committee on Economic and Monetary Affairs that Bitcoin does bring European and American markets closer together, The block reported.
“I think the transformation we are going through now could be as big as the internet was in the 1990s,” Gensler said.
The SEC chairman also pointed out that Bitcoin is borderless and its markets are not closing: “It works 24/7.”
Gensler’s speech to parliament was a notable attempt to link U.S. regulatory interests in bitcoin and fiat to the larger global financial markets.
“Our global markets are inextricably linked, with money flowing between them in microseconds. New financial technologies continue to change the face of finance for investors and businesses. I know this subject is of interest to this committee, ”he said.
Speaking of the advent of Bitcoin and cryptocurrency, Gensler commented, “This innovation has been and may continue to be a catalyst for change in finance and money.
Many of Gensler’s remarks reflected statements he had already made, including: “I would like to note that financial innovations throughout history do not thrive for long outside public policy frameworks. ”
What’s interesting about this statement is that Bitcoin itself is policy agnostic. Unless it clamps down on popular ramps and exits, there is nothing the government can do to stop it, and Gensler knows this, having taught courses at MIT about it.
In his speech, Gensler mainly highlighted the risk to the public posed by unregulated crypto exchanges, as well as the common use of stablecoins as a means of circumventing public policy goals. None of these remarks seemed to be aimed at Bitcoin.
Referring to the proliferation of unregulated, non-traded crypto scam exchange sites, he commented, “This asset class has been riddled with frauds, scams and abuse in some applications.”
The President’s speech to the European Parliament comes just one month after he delivered a speech at the Aspen Security Forum in which he posted new comments that drew a line between Bitcoin and its wide range of imitators.
Elsewhere, Gensler released new remarks that shed light on how the SEC may act on the many exchange-traded fund (ETF) proposals currently under the agency’s review, signaling that those based on contracts to Bitcoin term may have the best chance of approval, which prompted the filing of numerous Bitcoin Futures ETFs throughout August, including Galaxy Digital, VanEck, and Invesco.
[ad_2]
Source link