Regulation of cryptocurrencies also leads to wider acceptance
No news about Bitcoin ETFs
First detailed interview on the subject of cryptocurrencies
Many knew that Gary Gensler is well versed in the field of cryptocurrencies, but what attitude he ultimately has towards Bitcoin and Co. was previously a great unknown, according to Robert Schmidt and Benjamin Bain from Bloomberg. But now Gensler has given his first in-depth interview on the subject of crypto currencies and the digital money market – this makes it clear that his fascination with cyber currencies is not synonymous with a casual approach. In the Bloomberg interview, Gensler suggests stricter supervision of the crypto markets.
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Crypto regulation for more security
Gensler is thinking about a solid supervisory regime, which should primarily serve as a protective measure for millions of investors. Gensler himself said that he was neutral or even fascinated by crypto currencies – but that he was not neutral when it came to investor protection. If someone wants to speculate with highly volatile values, then that is his own business. Nevertheless, investors should be protected from fraud. To this end, Gensler is calling for a law from Congress that gives the SEC the power to monitor crypto trading venues. A well-structured supervisory system, according to Gensler, should focus on creating protective measures for the millions of investors who have equipped their portfolios with cryptocurrencies. Another open question is which asset class the various cyber currencies fall into. Bitcoin behaves like a currency, but is considered a raw material and not a security. In total, there are now thousands of coins that, according to Gensler, are actually unregistered securities that should be subject to SEC regulations.
In addition to security, a certain amount of regulation also ensures broader acceptance, which could mean faster progress for cryptocurrencies.
It takes patience
Gensler did not disclose how long it would take before the SEC could take action. There was also no news about the approval of Bitcoin ETFs, which investors and crypto fans have long been waiting for. The SEC is working on various topics, all of which have to do with cryptocurrencies and their trading. Gary Gensler’s team has its hands full, which is why it can be assumed that it could take some time before concrete measures or changes are implemented in the area of crypto trading. Crypto enthusiasts will continue to pay special attention to the possible approval of Bitcoin ETFs over the next few months.
Finanzen.net editorial team
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