In a recent interview, Securities and Exchange Commission Chairman and former MIT professor Gary Gensler sent a message about Bitcoin to the investment community. He also explained why he believes the current version of Bitcoin is far removed from the original vision of its mysterious creator Satoshi Nakamoto.
In a recent interview, Securities and Exchange Commission Chairman and former MIT professor Gary Gensler sent a message about Bitcoin to the investment community. He also explained why he believes the current version of Bitcoin is far removed from the original vision of its mysterious creator Satoshi Nakamoto.
Bitcoin Spot ETF Approval Is “Sustainable Progress”
When asked what made the SEC finally make a decision to approve an exchange-traded product based on the global flagship cryptocurrency Bitcoin after years of rejections, Chairman Gensler said his predecessor Jay Clayton also rejected several filings.
This time, however, according to Gensler, something has changed. This time, Gensler emphasized, he took into account the recent court decision, presumably referring to cases won by Grayscale and partially won by Ripple Labs in 2023. “We are moving forward. I think this is the most sustainable path forward,” he added.
When CNBC host Andrew Sorkin asked if the decision was completely influenced by the court but the SEC’s view on Bitcoin and cryptocurrencies has not changed at all, Gensler preferred to avoid a precise answer, simply stating that the SEC “acts within the law and within how”. the court interprets those laws; “That’s what the American people expect and that’s what we do here.”
Satoshi Nakamoto’s idea about Bitcoin was different, says Gensler
When asked about Bitcoin, as a former MIT professor who is knowledgeable about technologies and blockchain, the SEC Chairman reminded the audience that Bitcoin’s pseudonymous creator, Satoshi Nakamoto, said that Bitcoin would be a decentralized system. peer-to-peer payment.
Over the years, Bitcoin integration has led to centralization, Gensler said, adding that it is ironic that many people say this week was “historic” due to the immediate approval of the ETF.
This decision concerned “centralization and traditional means of financing,” which investors can now purchase through major brokerages in the form of ETFs. Although, before this week, these people were able to express themselves freely in Bitcoin, according to Gensler.
Since Wednesday, Bitcoin has lost 13.11% of its value since the ETF’s glorious decision, falling from over $49,000 to the $42,629 level at the time of writing.
