Peter Schiff expects Gary Gensler to tighten rules for cryptocurrencies
Economist, gold specialist and at the same time an ardent opponent of Bitcoin Peter Schiff has his own view of the regulation of cryptocurrencies and the future price of BTC after the US Securities and Exchange Commission (SEC) approved Bitcoin spot exchange-traded funds (ETFs).
Since Gary Gensler was backed into a corner with the approval of the Bitcoin ETF, I think he will soon introduce new onerous rules that will significantly increase the cost of transactions on the Bitcoin network, which will further undermine its "use case" and cause the price to plummet. Schiff is sure.
Gensler previously stated that most cryptocurrencies other than Bitcoin are securities. However, Schiff does not lose hope that the head of the US SEC “may even change his mind about Bitcoin”:
