Wall street is busy today with rumors of Ex-CFTC chair Gary Gensler to be named new SEC lead by the current Biden government as reported by bloomberg. Gary Gensler is also a blockchain professor at MIT and comes with a good background in cryptocurrencies.
Gary Admires Blockchain but supports Crypto Regulation
Gary teaches a course on blockchain and cryptocurrencies titled Blockchain and Money at MIT. In order to understand how Gary perceives cryptocurrencies we can refer his 2018 interview with Bloomberg. In the interview, Gary emphasized to be technology neutral when it comes to blockchain but he favors regulation of cryptocurrencies in order to avoid frauds and money laundering practices.
In his words,
Cryptocurrency like Bitcoin need more protection and regulation than oil.
He believes there is future for cryptocurrencies but only when investors feel safe in dealing with decentralized assets like Bitcoin. If we analyze past interviews of Gary Gensler, if named new SEC lead we may see,
- Clarity over cryptocurrency taxation and new regulations to protect investor rights.
- Rapid adoption of bitcoin and other cryptocurrencies in traditional finance markets as Bitcoin will enter more and more financial instruments.
- Bitcoin will grow as an asset and we may see more smart money entering Bitcoin.
Will Gary’s Entry Pave the way for Bitcoin ETF’s?
Bitcoin ETF’s are one among the most debated topics in crypto and blockchain domain and a Bitcoin approval is believed to send Bitcoin to $100k as per many pundits. Many wall street firms like VanEck, Gemini etc. have filed for Bitcoin ETFs and failed to get an approval. Many crypto experts believe that someone with depth knowledge of crypto like Gary would understand the benefits of a Bitcoin ETF and may play a key role in its approval.
Gary Gensler deeply understands crypto & has strongly supported bitcoin for years. His selection as SEC chair signals a policy shift in favor of a bitcoin ETF.
He also went on record in 2018 saying there’s “a strong case” that XRP is a security, signaling no shift on that issue.
— Jake Chervinsky (@jchervinsky) January 12, 2021
Let us know how you think Gary’s appointed as new SEC chair will impact crypto market?
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