The general belief in cryptocurrencies continues to widen across all spheres of life as digital assets continue to become more admired by many. The admiration of these assets, which has been on the rise, has also started to entice government bodies and several financial regulators who have started to debate the adoption of cryptocurrencies publicly. Gary Gensler is the latest public figure to discuss the booming cryptocurrency market’s fortunes, as the U.S SEC Chairman-elect believes that cryptocurrencies have changed the world already.
Gensler believes cryptocurrency can only be more embraced
The former investment manager and government official, who was also a core member of Joe Biden’s presidential campaign, was reportedly handpicked by the new President for the new role last November. However, in his senate confirmation hearing which took place yesterday, the academic spoke of his admiration for Bitcoin and other cryptocurrencies, which have changed the world.
In his discussion with Senator Mike Rounds, Gensler conceded that cryptocurrencies had become a new face of the world financial system but still need to be regulated due to a few irregularities in the market. The Chairman-elect believes that at this current rate of adoption of cryptocurrencies, it will be unable for government to stop its adoption but rather embrace the cryptocurrency market.
The chairman-elect also confirmed that if his appointment were made permanent, he would be at the forefront of promoting the country’s market. To the delight of many crypto investors and enthusiasts, the Chairman-elect also promised to enact policies that will regulate the cryptocurrency market, much to the delight of everyone involved. The chairman-elect, who was once an investment manager at Goldman Sachs, currently doubles as a crypto enthusiast and analyst, as he is a Blockchain technology lecturer at MIT.
Gary Gensler and the SEC
While Gary Gensler, who has been handpicked for SEC Chairman’s position, is a firm believer of cryptocurrency, the same cannot be said of the SEC. Over the last ten years, the SEC’s belief that Bitcoin and many other cryptocurrencies cannot be termed as Securities have hampered the growth of the country’s crypto market. That singular action has also been credited as the reason behind the country not being able to license a cryptocurrency ETF.
However, Gary Gensler, who firmly understands the investment and doubles as a blockchain expert, is believed to change the face of the cryptocurrency market in the country. The Chairman-elect believes that if the investor is protected and the market is operating under proper regulation, it will create a proper atmosphere for all involved in the market. Many analysts believe that Gensler is the perfect expatriate for the job, as the Chairman-elect seems like a plus to the growing cryptocurrency market in the country.