SEC Chair Gary Gensler Literally Says Nothing New But Here’s the Highlights

SEC Chair says Stablecoins are “poker chips at the casino” that is “challenging the established business models.”


On Tuesday, Securities and Exchange Commission (SEC) Chairman Gary Gensler talked to the Washington Post about regulating the $2 trillion cryptocurrency industry.

However, there wasn’t much new in this interview, rather the same old take that Gensler has been repeating since his tenure as the boss of the top Wall Street regulator started in April of this year.

Still, the highlights of the conversation included Gensler talking about working with Congress to help regulate “a world of stablecoins.”

Calling them “poker chips at the casino,” he reiterated that history shows private forms of money don't last long. Additionally, he said, stablecoins are “challenging the established business models” much like “some forms” of decentralized lending.

The former Goldman Sachs executive further said platforms trading securities and offering lending products to “come in” and talk to them.

“I think that we have robust authorities” at the SEC, “and we’re going to use them and continue,” said Gensler, adding at the same time that “there are gaps” still.

Overall he believes, cryptocurrencies are “an asset class that’s highly speculative,” and “in often cases there’s not something standing behind it other than what someone will pay you for it.”

While Gensler continues with his harsh word, in contrast with what the crypto community has been expecting from him when he was first appointed as the SEC Chair due to him being familiar with cryptocurrencies having taught a class at MIT on the subject, the market is still hoping to see US lawmakers being mindful of not forcing the innovation abroad when regulating the nascent industry.

“Gensler's hard line is the start of a long negotiation. Classic negotiating tactics – start ultra tough then compromise,” said Raoul Pal, CEO, and founder of Global Macro Investor.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide