{"id":10668,"date":"2021-08-08T16:54:05","date_gmt":"2021-08-08T16:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chairman-says-satoshi-nakamotos-innovation-is-real-crypto-rules-are-clear\/"},"modified":"2021-08-08T16:54:05","modified_gmt":"2021-08-08T16:54:05","slug":"sec-chairman-says-satoshi-nakamotos-innovation-is-real-crypto-rules-are-clear","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chairman-says-satoshi-nakamotos-innovation-is-real-crypto-rules-are-clear\/","title":{"rendered":"SEC Chairman Says Satoshi Nakamoto\u2019s Innovation Is Real, Crypto Rules Are Clear"},"content":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says that Satoshi Nakamoto\u2019s innovation is real. \u201cIt has been and could continue to be a catalyst for change in the fields of finance and money,\u201d he said.<\/strong><\/p>\n

Satoshi Nakamoto\u2019s Innovation Is Real<\/h2>\n

SEC Chairman Gary Gensler talked about bitcoin and cryptocurrency regulation last week at the Aspen Security Forum where he outlined his plans<\/a> to regulate the crypto space. He began by referencing the Bitcoin whitepaper and its creator, the pseudonymous Satoshi Nakamoto.<\/p>\n

\u201cHis innovation spurred the development of crypto assets and the underlying blockchain technology,\u201d Gensler said about Satoshi, adding that \u201cthe crypto asset class has ballooned\u201d and is now worth about $1.83 trillion.<\/p>\n

Noting that when he was at the Massachusetts Institute of Technology (MIT) prior to being confirmed<\/a> as the head of the SEC, he researched, wrote, and taught on the subject of bitcoin, cryptocurrency, and blockchain technology. Gensler opined:<\/p>\n

In that work, I came to believe that, though there was a lot of hype masquerading as reality in the crypto field, Nakamoto\u2019s innovation is real. Further, it has been and could continue to be a catalyst for change in the fields of finance and money.<\/p>\n

Unlike fiat money, Gensler said that \u201cAt its core, Nakamoto was trying to create a private form of money with no central intermediary, such as a central bank or commercial banks.\u201d However, he believes that currently \u201cNo single crypto asset, though, broadly fulfills all the functions of money.\u201d<\/p>\n

The chairman elaborated that crypto assets \u201care highly speculative stores of value,\u201d asserting that they \u201chaven\u2019t been used much as a unit of account.\u201d He further opined:<\/p>\n

We also haven\u2019t seen crypto used much as a medium of exchange. To the extent that it is used as such, it\u2019s often to skirt our laws with respect to anti-money laundering, sanctions, and tax collection. It also can enable extortion via ransomware, as we recently saw with Colonial Pipeline.<\/p>\n

Gensler noted that he is \u201ctechnology-neutral,\u201d but emphasized that when it comes to cryptocurrency regulation, \u201cI am anything but public policy-neutral.\u201d<\/p>\n

<\/p>\n

He continued: \u201cAs new technologies come along, we need to be sure we\u2019re achieving our core public policy goals. In finance, that\u2019s about protecting investors and consumers, guarding against illicit activity, and ensuring financial stability.\u201d<\/p>\n

Meanwhile, the former MIT professor claimed that there is clarity in crypto rules, emphasizing that many tokens \u201care offered and sold as securities.\u201d Regarding whether something is a security, he described:<\/p>\n

There\u2019s actually a lot of clarity on that front \u2026 Certain rules related to crypto assets are well-settled. The test to determine whether a crypto asset is a security is clear.<\/p>\n

However, many people disagreed with the SEC chairman that the rules are clear, including Ripple CEO Brad Garlinghouse who is currently being sued by the agency over the sale of XRP<\/a> tokens.<\/p>\n

The Ripple CEO said: \u201cIn my judgment, if you\u2019re dealing with an alcoholic that doesn\u2019t want to admit they have an alcohol problem, to say that we have certainty, we have clarity, is like the alcoholic saying \u2018I don\u2019t have a problem\u2019. This is the elephant in the room.\u201d<\/p>\n

What do you think about the comments by SEC Chairman Gary Gensler? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, banking crypto regulation, Brad Garlinghouse, Crypto regulation, crypto rules, gary gensler satoshi, gensler, Ripple, Satoshi Nakamoto, SEC, sec regulation, sec satoshi nakamoto<\/p>\n","protected":false},"excerpt":{"rendered":"

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says that Satoshi Nakamoto\u2019s innovation is real. \u201cIt has been and could continue to be a catalyst for change in the fields of finance and money,\u201d he said. Satoshi Nakamoto\u2019s Innovation Is Real SEC Chairman Gary Gensler talked about bitcoin and cryptocurrency regulation…<\/p>\n","protected":false},"author":0,"featured_media":10669,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10668"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10668"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10669"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}