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News

SEC Chair Gary Gensler Celebrates 16th Anniversary of Bitcoin White Paper

October 23, 2024 - Around 2 mins mins to read

Key Points:

  • SEC chair Gary Gensler acknowledged the 16th anniversary of the Bitcoin white paper but reaffirmed the SEC’s “regulation by enforcement” approach to protecting investors.
  • Despite criticism and political pressure, Gensler stated the SEC will continue its strict regulatory stance on cryptocurrencies.
In an interview with Bloomberg, SEC chair Gary Gensler recognized the 16th-anniversary release of the Bitcoin white paper.
SEC Chair Gary Gensler Celebrates 16th Anniversary of Bitcoin White Paper

Read more: SEC Chair Gary Gensler Firmly Defends Crypto Investments

SEC Chair Gary Gensler Addresses Bitcoin’s 16th Anniversary

The milestone, coming from the pseudonymous creator Satoshi Nakamoto, marks an important moment in the cryptocurrency industry.

SEC chair Gary Gensler, however, tempered the acknowledgement of such a milestone by restating the firm regulatory approach of the commission. He further went on to say that the agency would also continue its “regulation by enforcement” policy, which is protection for the investors, which is important in bringing forth transparency and compliance in the crypto market.

Gensler did appreciate the technological evolution of cryptocurrencies, but he sought to drive home that the assets in question also need to come into the fold of the current laws on the books. He also underlined that the source of trust in any market, not least in the crypto space, is adherence to securities laws, carefully designed with investor protection in mind.

The market regulation aspect, he said, needed transparency and proper disclosure, but since most cryptocurrency projects lacked them, they have caused much financial loss among investors.

Crypto Assets Set as SEC Priority for 2025 Amidst Ongoing Scrutiny

Gensler’s remarks came when the Division of Examinations of the Securities and Exchange Commission enlisted crypto assets as a priority for 2025. Gensler said the agency was only attempting to hold the industry to the same standards as traditional markets despite criticism from business leaders and lawmakers. He did not indicate that the commission would lighten up its crypto crackdown anytime soon, even in the face of political pressure.

Asked about former President Donald Trump‘s promise to fire him if he’s re-elected in 2024, Gensler demurred and said only that the SEC is focused on its regulatory mission.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin

Gary Gensler

SEC

SEC Chair Gary Gensler

White Paper

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.