Cryptocurrencies are bound to win, causing all who oppose him to tremble in the face of facts. As an 'old friend' of the cryptocurrency community, the scholar-type official who understands Bitcoin the best, at this crucial moment when Bitcoin was approved through the ETF: survival or destruction? He cast the critical vote. The industry has finally welcomed the enthusiasm for Web3, but he is also someone who disrupts it. However, undoubtedly, after he leaves office, the cryptocurrency market is worth looking forward to.
1/ He has an illustrious resume in the financial field. He was one of the youngest partners at Goldman Sachs and served as the chairman of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, overseeing the derivatives market and other commodity trading markets. He assumed the role of chairman of the Securities and Exchange Commission (SEC) on April 17, 2021, after being appointed by Biden.
2/ He once served as a professor at MIT, focusing on teaching and research in blockchain technology and digital currencies. His online course is titled 'Blockchain and Money.' To be honest, his course is good, even excellent. It is better taught than many university courses. His understanding of Bitcoin, blockchain technology, its applications, and even ICOs is very profound. The course includes:
The history of Bitcoin and related issues, including discussions on the nature of currency.
Discussions on smart contracts in open-source and private applications.
Distributed ledger technology.
Public policy issues, including ensuring financial stability and protecting investors from fraud.
Potential applications of blockchain technology in global payment systems, venture capital, initial coin offerings (ICOs), and other financial sectors.
3/ He has a hawkish stance on the regulation of cryptocurrencies and other financial markets. This exceeds our previous expectations; he is very familiar with the cryptocurrency field, becoming a 'spy within the cryptocurrency community.' During his term, the SEC took multiple actions against the cryptocurrency industry, including cracking down on fraud and wash trading violations. At the same time, he also promoted the acceleration of stock trading settlement times and introduced new regulations for U.S. Treasury trading, enhancing market stability and transparency.
4/ His strict regulation of cryptocurrencies may significantly hinder the reasonable development of the industry, which is quite ironic, as the impressive debate on Web3 during the congressional hearing almost led to bankruptcy in the United States. In the eyes of the cryptocurrency community, he is someone who came to disrupt a hard-won favorable environment.
5/ During his tenure, he approved the Bitcoin ETF, which was a critical vote for survival or destruction. At the crucial moment when he cast his supportive vote, many people breathed a sigh of relief. However, he explicitly stated that approving the Bitcoin spot ETF does not equate to the SEC's approval or endorsement of Bitcoin. He emphasized that Bitcoin is a speculative and highly volatile asset, and SEC approval would bring more regulation. Industry insiders see this as a lack of decisiveness.
6/ His departure may lead to a major shift in SEC policy, and the new chairman may adopt a more friendly regulatory attitude toward the cryptocurrency industry, potentially making the cryptocurrency market more open. He is definitely leaving, but the future is full of possibilities. We live in a world of possibilities; cryptocurrencies can change the world, and the future of this new market is promising.
