January 23, 2022

SEC chief calls bitcoin a competitor to the US banking system

According to Gary Gensler, the first cryptocurrency is trying to disrupt the American banking system, so the regulator does not support this competition.

Chairman of the Securities and Exchange CommissionUS (SEC) Gary Gensler at the 2021 DACOM Summit called Bitcoin an autonomous alternative and competitor to the US banking system. Gensler explained that about 40 years ago, the country's banking system was completely rebuilt to combat money laundering and other threats. Bitcoin and its autonomous approach are trying to undermine this system, so the regulator does not support such competition, the head of the SEC noted.

Gensler also spoke about the requirements for companies that want to issue spot Bitcoin ETFs.

“These platforms must register, competently provide protection for investors, proper protection against manipulation and transparency, and also resolve storage issues,” the head of the regulator said.

In early October, Gary Gensler during his speechbefore the US Congress announced the absence of the regulator's plans to ban cryptocurrencies. Then the official said that the SEC will take a "different approach" to interacting with digital assets.

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