Silicon Valley and Wall Street have undoubtedly made a parlor game of determining what the United States exchange and security commissioner thinks about cryptocurrencies. A large number of lobbyists in the industry tend to tune in whenever the commissioner stands in front of the congress for testifying. Recently, advisers from the renowned Goldman Sachs group posted research regarding blockchain and its trajectory.
This research was posted in the form of a video and gained millions upon millions of views. During an in-length interview, the SEC boss stated that he had a lot of interest regarding this subject and plans to employ hands and approach with it. What’s more, a large number of policymakers also struggle when it comes to responding to the market that costs trillions of Dollars market. For those who don’t know, this market experience massive price swings and tremendous growth. As of now, the SEC boss is thinking about a solid regime that focuses on creating safety for a large number of investors.
These would be the investors who have actively stocked portfolios using tokens. While the boss still has a neutral stance towards the technology, he still states that the three years he spent teaching it should help protect the investors. What’s more, the SEC boss also requested the congress for passing a law to offer the agency authority for monitoring crypto-related exchanges. That being said, he still believes that SEC already has vast power.
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There has been a lot of discussion regarding the types of digital assets that are under the purview of the Securities and Exchange Commission. However, there still are loads and loads of coins, which Gensler thinks are securities that are not registered. He thinks that these securities should also comply with the rules put forward by the SEC.
The boss also claimed that this technology led to a great deal of economic progress all over human history. He noted similar progress with the help of digital assets over the years. However, this will only come from thoughtful and robust regulation. He gave an example of this by stating that the motor vehicle industry was not able to find its feet until driving rules were laid out by the government.
Traffic lights and speed limits offered public safety and also assisted automobiles in gaining mainstream attention. If the bitcoin and crypto world received the same treatments, there Is no denying that their progress and overall profitability would go through the roof.