Gensler Says Bitcoin Disrupts Global Banking System: Report
SEC Chairman Gary Gensler says Bitcoin disrupts the global banking system and reveals his stance on cryptocurrencies, says he doesn’t support his approach of off-network funding. So let’s go read more on our latest bitcoin news today.
“In 2008, Satoshi Nakamoto wrote this article in part in response, as a kind of off-grid approach. It’s not surprising that there is some competition that you and I don’t support but that are trying to undermine consensus around the world. “
Gensler says Bitcoin is disrupting the global banking system, but what is interesting is that he has experience teaching blockchain technology at MIT and many believe that he is the right choice for his job. . After almost a year in office, it can be said that he hasn’t really pushed the crypto sector forward as many would have wished and imagined. His recent comments suggest he will stick with the legacy sector, but that should come as no surprise. During the Digital Asset Compliance and Market Integrity Summit on Wednesday, Gensler said the current banking system is the culmination of 40 years of regulation:
“About 40 years ago we layered money laundering on our digital currency system and classified the various sanctions and regimes around the globe that we have identified through one system as our banking system. ”
He went on to say that Bitcoin was introduced in 2008 in response to the banking system, adding that he would not advocate an outside of the network approach as it undermines the banking consensus. However, Nakamoto says that BTC is a necessary alternative to a currency discount system:
“You have to trust the central banks not to devalue currencies, but the history of the fiat currency is rich in violations of that trust.”
The first Bitcoin transaction in 2009 included a message of the UK Prime Minister’s decision to bail out the Royal Bank of Scotland, Lloyds, Bradford & Bingley and Northern Rock. Markets are pretty bullish if Gensler is named chairman of the SEC while IOHK CEO Charles Hoskinson believes he understands the blockchain space:
“What I like about Gensler’s appointment is that he is competent. He’s clearly a very intelligent person and fully understands our industry to the extent that he taught about our industry at MIT. ”
However, Gensler’s refusal to end the SEC’s case against Ripple only shows that the SEC chairman is not in favor of liberal cryptocurrency reform as he has always maintained his role in protecting the cryptocurrency market.