December 5, 2021

Gensler sticks up for Bitcoin before Congress, but doesn’t say much new

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Today, the Senate Banking Committee held its first hearing on the nomination of Gary Gensler to chair the Securities and Exchange Commission. The role will have major influence on the future of crypto regulation, as the SEC has been a chokepoint for major areas like the status of initial coin offerings, approval of new exchange-traded funds, and crypto firms going public. 

In his appearance before the committee, however, Gensler was evasive about any specific changes he would make to the SEC’s crypto policy. He supported prior decisions, like Bitcoin’s (BTC) exclusion from the SEC’s purview, but dodged any real commitment to any changed ICO policy.

“Bitcoin and other cryptocurrencies have brought new thinking to financial planning and investor inclusion,” said Gensler. “I’d work with fellow commissions both to promote the new innovation but also, at the core, ensure investor protection. If something were a security, for instance, it comes under security regulation, under the SEC.”

In logical terms, promising treating securities as securities is pretty tautological. The determination of which crypto assets qualify as securities and, specifically, investmentTitle: Gensler sticks up for Bitcoin before Congress, but doesn’t say much new
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Published Date: Tue, 02 Mar 2021 19:10:05 +0000