EX-CFTC Chair Gary Gensler Poised to be New SEC Lead, What to Expect for Bitcoin?

Wall street is busy today with rumors of Ex-CFTC chair Gary Gensler to be named new SEC lead by the current Biden government as reported by bloomberg. Gary Gensler is also a blockchain professor at MIT and comes with a good background in cryptocurrencies.

Gary Admires Blockchain but supports Crypto Regulation

Gary teaches a course on blockchain and cryptocurrencies titled Blockchain and Money at MIT. In order to understand how Gary perceives cryptocurrencies we can refer his 2018 interview with Bloomberg. In the interview, Gary emphasized to be technology neutral when it comes to blockchain but he favors regulation of cryptocurrencies in order to avoid frauds and money laundering practices.

In his words,

Cryptocurrency like Bitcoin need more protection and regulation than oil.

He believes there is future for cryptocurrencies but only when investors feel safe in dealing with decentralized assets like Bitcoin. If we analyze past interviews of Gary Gensler, if named new SEC lead we may see,

• Clarity over cryptocurrency taxation and new regulations to protect investor rights.
• Rapid adoption of bitcoin and other cryptocurrencies in traditional finance markets as Bitcoin will enter more and more financial instruments.
• Bitcoin will grow as an asset and we may see more smart money entering Bitcoin.

Let us know how you think Gary’s appointed as new SEC chair will impact crypto market?

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