Gary Gensler: Bitcoin undermines global consensus

Securities and Exchange Commission Chairman Gary Gensler outlined his position regardingBitcoin: He does not support his "autonomous" approach to finance.

In 2008, Satoshi Nakamoto wrote this article inas a reaction, an autonomous approach. It is not surprising that there is competition, which you and I do not support, but which is trying to undermine this global consensus.

Considering Gensler's experience in teaching technologyblockchain at MIT, many considered him the “right choice” as head of the securities regulator. However, eight months after taking the oath, he has not advanced the cryptocurrency sector by an inch, as many expected.

Moreover, his comment demonstrates that he is loyal to the traditional sector. But could anything else have been expected?

Speaking Wednesday at the Digital Asset Compliance and Market Integrity Summit, Gensler said the current banking system is the culmination of 40 years of improvement.

About 40 years ago, we rebuilt our digital money system ... we superimposed it on a digital currency system called our banking system.

In addition, he stated that Bitcoin was launched in2008 as a counterweight to the banking system. And the official does not support this “autonomous” approach because it undermines the consensus in the banking industry.

As we know, Satoshi Nakamoto created Bitcoin as an alternative to the currency depreciation system. He knew that central banks were not acting in the best interests of the people.

The first Bitcoin transaction, made on January 3, 2009, included a message about the decision of the British Chancellor to bail out the Royal Bank of Scotland, Lloyds, Bradford & Bingley and Northern Rock.

Of course, it was hard to expect that Gehry Gensler, who was advanced in new technologies, would start breaking it from the inside by integrating into the system. Well, now everyone who doubted this is familiar with his position.

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