SEC chair says Bitcoin was created “as a reaction” to the U.S. monetary system

SEC chair says Bitcoin was created “as a reaction” to the U.S. monetary system
SEC chair says Bitcoin was created “as a reaction” to the U.S. monetary system 11

SEC chairman Gary Gensler shared his point of view on the Bitcoin birth and said that it was created as a reaction to the US monetary system. 

Gary Gensler is Chairman of the United States Securities and Exchange Commission (SEC). At present, two regulatory bodies CFTC and SEC is popularly known for their high-level work to regulate the crypto market in the US.

On 1 December, speaking at the DACOM Summit 2021, Gary Gensler said that Bitcoin is an alternative off-the-grid option for the people over the traditional financial system.

Gary said that we worked on the traditional financial system to stop illicit activities associated with it and also we tried our best to bring a digital currency system, which we called net banking. Over the years, we have established this monetary system at a better level. And also Santoshi Nakamoto, Creator of Bitcoin, wrote about it in the white paper of Bitcoin.

Further, he continues:

“(Bitcoin) is an off-the-grid type of approach. It’s not surprising that there’s some competition that you and I don’t support but that’s trying to undermine that worldwide consensus.”

Gary also admitted that Bitcoin is creating some competition against the traditional monetary authority and he won’t support it. Further said:

“(Bitcoin) is trying to undermine that worldwide consensus.”

In the meeting, Gary also pointed out many crypto projects token, which falls under the category of securities.

“These have largely been about raising money for entrepreneurs, and as such, meet the time-tested definition of an investment contract and thus falls under the securities laws,” Gary said

The SEC chair also said that many crypto projects were created and running outside the regulatory scopes. And also indirectly warned that such projects can’t run outside the public policy.