Cryptocurrency is bound to win, let all who oppose him tremble before the facts. As an 'old friend' of the crypto community and the scholar-like official who understands Bitcoin best, at the crucial moment when Bitcoin passed the ETF, survival or destruction? He cast the key vote. The industry has not easily welcomed the surge of Web3, yet he is someone who crashes the party; however, undoubtedly, after his departure, the cryptocurrency market is worth looking forward to.
1/ He has a brilliant resume in the financial field. He was once one of the youngest partners at Goldman Sachs, 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 public course is titled 'Blockchain and Money.' To be honest, his class is quite good, even excellent. He teaches it better 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.
Discussion on smart contracts in open-source and private applications.
Distributed ledger technology.
Public policy issues, including ensuring financial stability and protecting investors from fraud.
The potential applications of blockchain technology in global payment systems, venture capital, initial coin offerings (ICOs), and other financial fields.
3/ He leans hawkish towards the regulation of cryptocurrencies and other financial markets. This exceeds our previous expectations, as he is very familiar with the cryptocurrency field, becoming a 'spy within the crypto community'. During his tenure, the SEC took multiple actions against the crypto industry, including combating fraud, wash trading, and other violations. At the same time, he also promoted the acceleration of stock trading settlement times and new regulations on U.S. Treasury trading, enhancing market stability and transparency.
4/ His strict regulation of cryptocurrency may greatly hinder the reasonable development of the industry, which is very ironic, as the story of the brilliant debate on Web3 during the congressional hearing nearly resulted in bankruptcy in the United States. In the view of the crypto community, he is someone who comes to crash the party after a hard-won favorable environment.
5/ During his tenure, he approved the Bitcoin ETF; survival or destruction, he had the key vote. At a critical moment, when he voted in favor, many people breathed a sigh of relief. However, he made it clear that approving the Bitcoin spot ETF does not equate to SEC approval or endorsement of Bitcoin. He emphasized that Bitcoin is a speculative and highly volatile asset, and SEC approval would bring more regulation. Many in the industry view this as a lack of decisiveness.
6/ His departure may lead to a significant shift in SEC policy, as the new chairman might adopt a more friendly regulatory stance towards the cryptocurrency industry, potentially making the cryptocurrency market more open. He is certain to leave, but the future is full of possibilities; we live in possibilities, and cryptocurrency has the potential to change the world, making this new market one to look forward to.
