Gary Gensler, President Joe Bidenâ€™s pick to lead the U.S. Securities and Exchange Commission (SEC), has revealed his policies on bitcoin and other cryptocurrencies if confirmed as the SEC chairman. Gensler is a professor at MIT who teaches cryptocurrencies. He previously served as the chairman of the Commodity Futures Trading Commission (CFTC).
SEC Chair Nominee Gary Gensler Talks About Bitcoin Regulation
Professor Gary Gensler has spoken about what his focus will be regarding bitcoin and other cryptocurrencies if he is confirmed as chairman of the SEC. His statements were made during his confirmation hearing before the Senate Banking Committee on Tuesday.
Gensler is a professor at the MIT Sloan School of Management, where he is also co-director of Fintech@CSAIL and senior advisor to the MIT Media Lab Digital Currency Initiative. He teaches blockchain technology, digital currencies, financial technology, and public policy. Gensler is also a former Goldman Sachs partner who served as the chairman of the CFTC during the Obama administration.
At his confirmation hearing, he was asked what Congress and the SEC can do to create a more forward-thinking regulatory environment for innovators in the crypto space.
â€œAs I teach at MIT on these subjects, these innovations have been a catalyst for change,â€ Gensler began, adding:
â€œSo I think, if confirmed at the SEC, Iâ€™d work with fellow commissioners to promote new innovation but also, at the core, ensure investor protection,â€ he continued.
Gensler clarified: â€œTo the extent that somebody is offering an investment contract or security thatâ€™s under the SECâ€™s remit, and they have exchanges that operate there, then we have to make sure thereâ€™s investor protection.â€
On the other hand, â€œIf itâ€™s not that, and itâ€™s a commodity, as bitcoin has been deemed to be, then itâ€™s either a question for Congress â€¦ or itâ€™s possibly a question for the Commodity Futures Trading Commission,â€ he described.
Furthermore, the professor also said that the SEC must ensure that crypto markets â€œare free of fraud and manipulation,â€ elaborating:
What do you think about the incoming SEC chairmanâ€™s policies on bitcoin? Let us know in the comments section below.
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