Gary Gensler on Bitcoin

Gary Gensler remains true to his beliefs.

And this is even good - there is no need to clarify the position of the regulator, in the case of any cryptocurrency projects it remains extremely negative.

Again in an interview, Gensler announced that Bitcoin is full of abuse and fraud. This is also how it was expressed after Bitcoin approved the ETF. However, if the sharp words could then be written off as an emotional response to the actual loss in the struggle for the ETF. Today’s statement was precisely verified. Frankly, I am surprised by such statements, especially those made by officials of such high rank.

Following this logic, for example, BlackRock, by releasing Bitcon-ETF, is actively involved in abuse and fraud. So, according to Mr Gensler, the American court that decided to approve Bitcoin-ETF for Grayscale, also sided with the fraudsters. 

Such accusations are common, but their evidence is problematic. As a rule, specific cases related to the receipt of Bitcoin by criminals are given as evidence. Excellent! Perhaps Mr Gensler has never heard of fraudulent use of fiat dollars. This happens much more often than with crypto. Should we seek a dollar ban? And the perp drives a private car, do we have to ban wiretapping?

Mr Gensler uses outdated information, Bitcoin is far from an asset convenient for illegal transactions. Practice very clearly shows that the special services have learned to identify the owners of wallets and actively use it.

Perhaps the head of the SEC is referring to the rise in the price of Bitcoin, an asset with no collateral. In this case, I would recommend a lawsuit against the US government. What is the physical security of the ever-increasing US public debt? 

Most of the charges of cryptocurrencies are related to a fundamental misunderstanding of their nature. Attempts to transfer "fiat" logic to the crypto simply do not work. Therefore, we can hardly expect positive decisions from the SEC.

#Gensler #Bitcoin #SEC