'Nakamoto's innovation is real,' says SEC Chair Gary Gensler
Our synopsis and comments:
With his background in technology and academia, Gensler certainly is not a pushover and with his current position as the SEC chair, his views will be taken seriously by the public and private sectors alike. He assumes his current position for a tenure of 5 years which will last till mid 2027. That is a long time for innovation and policy changes. With his positive attitude towards crypto, we can expect him to influence the legislators to create a robust crypto regulatory framework.
Gensler noted that, while some within the public sector wish that cryptocurrency would just go away, the technology likely has a big role to play in the future of finance.
Public sector all over the world is a laggard. Perhaps Singapore is an exception. Given that it is not surprising that some within the public sector wish for crypto to vanish. Unfortunately, that is not going to happen and they are slowly waking up to the reality, as we can see in India and elsewhere.
Some within the crypto community took Gensler's comments to mean that he's studied the entire field of blockchain and concluded that Bitcoin is the only real innovation. A transcript of Gensler's address to the Aspen Security Forum appeared to be hyper-focused on the Bitcoin (BTC) white paper published by Satoshi Nakamoto more than a decade ago.
Aren't they reading too much into Gensler's comments? Must be Bitcoin fanatics wearing blinkers.
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