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HomeCrypto NewsMarketOutgoing SEC Chair on Bitcoin Global Appeal: "Like Gold, But for the Future"

Outgoing SEC Chair on Bitcoin Global Appeal: “Like Gold, But for the Future”

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Gary Gensler calls Bitcoin a speculative, volatile asset, likening its global appeal to gold’s 10,000-year legacy.

During his appearance on Squawk Box, the outgoing SEC Chair Gary Gensler addressed several critical topics, including Bitcoin, crypto regulation, and his tenure at the agency.

He outlined his perspective on the crypto industry and acknowledged the speculative nature of the digital asset sector. This discussion comes amid his impending departure from the SEC and its implications for crypto regulation.

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Bitcoin Future is Promising Like Gold: Gensler

In the interview, Gensler highlighted Bitcoin’s unique position, separating it from the broader crypto market. While he described Bitcoin as a highly volatile asset comparable to gold, he acknowledged its global appeal. 

“With seven billion people around the globe who want to trade BTC, just like we have gold for 10,000 years, we have Bitcoin. It might be something else in the future as well,” Gensler said.

However, he underlined that thousands of other crypto projects must demonstrate their use cases and prove they have solid fundamentals to ensure sustainability.

Addressing regulatory concerns, Gensler reiterated his view that most tokens fall under securities laws due to their investment characteristics. He stressed the importance of disclosure, fraud prevention, and compliance, citing previous enforcement actions under his leadership and his predecessor, Jay Clayton.

Moreover, Gensler criticized the practices of some crypto exchanges, accusing them of conflicts of interest and non-compliance with existing laws.

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Focus on Enforcement and Fundamentals

In the discussion, Gensler emphasized that the SEC operates as a law enforcement agency to protect investors. He argued that the crypto market often relies on sentiment over fundamentals, making compliance with securities laws essential for fostering trust.

Gensler maintained that many projects within the space remain non-compliant, causing harm to the investing public.

Meanwhile, Gensler also addressed speculation regarding the role of crypto industry funding in the U.S. presidential election. He dismissed the notion that such contributions influenced the outcome. According to him, the broader economic and political factors hold more weight in determining the election’s direction.

Reactions to Gensler’s Exit

As reports of Gensler’s departure circulated, industry leaders offered reactions. Ripple CEO Brad Garlinghouse celebrated the news, anticipating a pro-crypto shift under a new administration. He also expressed optimism about the U.S. becoming a global leader in crypto under President-elect Donald Trump.

Likewise, MicroStrategy Chairman Michael Saylor viewed Gensler’s exit as a positive development for the digital asset industry. He described it as an opportunity for a regulatory framework more favorable to Bitcoin and other cryptocurrencies.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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