the staff of the Ridgewood blog
Washington DC, Wall Street and Silicon Valley all want to know: where does Securities and Exchange Commission Chair Gary Gensler stand on cryptocurrency?
In an exclusive interview with Bloomberg Businessweek, Gensler said he’s mulling robust oversight centered on strong safeguards for the millions of investors who’ve filled their portfolios with tokens. He also signaled he was open to a Bitcoin exchange-traded fund—but with tough regulations.
Gensler is no stranger to Crypto he taught a course at MIT titled “Blockchain and Money” , which you can view for free on YouTube brought to by MIT.
In a speech at the Aspen Security Forum on Tuesday, Gensler said he agreed with Jay Clayton, his predecessor at the SEC, who once famously said that in his view, “every ICO I’ve seen is a security.”
“Generally, folks buying these tokens are anticipating profits, and there’s a small group of entrepreneurs and technologists standing up and nurturing the projects,” Gensler said in prepared remarks. “I believe we have a crypto market now where many tokens may be unregistered securities, without required disclosures or market oversight.”
Scarier yet , two U.S. Senators are drafting a proposal to overhaul the cryptocurrency provision of the $550 billion infrastructure package (which is deep inside the 2,000-plus page bill.) Unsurprisingly, traders and investors claim the new rules are broad and impractical. But fear of adult supervision sent Bitcoin downward.