Explanations About The Cryptocurrency Industry From SEC Chairman Gensler!

The new head of the US securities regulator SEC. Gary Gensler Although he took an attitude close to the crypto money sector at first, it is known that he has taken a contrary attitude recently. The headlines from Gansler’s speech, who “usually” speaks constructively in his last statement, are as follows:

Gensler Emphasizes Regulation

After emphasizing tighter regulation of the cryptocurrency industry, Gensler made even more striking statements as a guest on a Washington Post Live program today. Gensler stated that he thinks the majority of “tokens” in the cryptocurrency industry are securities. This statement indicates that many cryptocurrencies may be in trouble in the coming days, just like XRP.

Gensler further stated his intentions, stating that the securities laws give them great authority to regulate the cryptocurrency industry.

How is the Speech Interpreted in General?

While Gensler’s statements were viewed positively by many experts, it was interpreted negatively by some.

Because Gensler was perceived negatively because he likened stablecoins to poker coins in casino games and made statements such as “you may lose your money, it is a very volatile and speculative market, be careful” for the crypto money industry.

In addition, his statements about BTC such as “I think Bitcoin is a digital, limited supply and speculative store of value” were met positively. Also related to the sector, “Satoshi Nakamoto brought a new technology to the financial sector. But we cannot continue this without regulations. This new technology should be regulated in a way that will benefit the public with the policies of the state” was seen as positive in the eyes of the general crypto money industry and moreover Bitcoin.

To summarize, while these statements were negative for stablecoins and most altcoins that could fall into the securities category, they were received positively for Bitcoin.

On the other hand, to the question about Evergrande, Gensler answered that the measures taken in 2008 and the strong system established will enable the US economy to stand stronger against such events.

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