💬 SEC Chairman Gary Gensler once again expressed reservations about the future of cryptocurrencies! 🚫
SEC Chairman Gary Gensler expressed his views on cryptocurrencies, saying that cryptocurrencies are unlikely to become widely used currencies, but more like an asset that reserves value.
Gensler also said that for a currency to be widely accepted, it must meet the conditions of being accepted by most people, and this ultimately depends on the public's choice.
But he is personally skeptical of cryptocurrencies because he does not believe that cryptocurrencies such as Bitcoin will become a medium of exchange between people like money.
Gensler also mentioned some notorious figures in the cryptocurrency field in recent years, such as SBF of FTX, Caroline Ellison of Alameda Research, and Do Kwon, the founder of Terra (LUNA), who were all in the limelight in the cryptocurrency circle before, but now they will all spend some time in prison. In disguise, he believes that the cryptocurrency field is not yet mature and there are still many frauds and speculations.
However, commentators believe that Gensler did not fulfill his duty to protect investors, but only commented after the problem occurred, which is an obvious verbal attack.
Although many people have a negative view of Gensler's attitude towards the cryptocurrency market, he actually does not have enough power to stop the development of the industry.
As can be seen from the passage of Bitcoin and Ethereum spot ETFs, even if Gensler has been suppressing the cryptocurrency market, it is large institutions and venture capital companies that really hold control.
For example, large institutions such as BlackRock played an important role in promoting the passage of Bitcoin and Ethereum spot ETFs, which shows that Gensler's opposition cannot determine the fate of the entire industry.
💬 Do you agree with Gensler's view that Bitcoin is more of an asset that reserves value? Do you think cryptocurrency will eventually become a mainstream currency or just a means of storing value? How do you think regulators should balance their responsibilities in innovation and investor protection?
