The Head of the SEC Called Bitcoin a Competitor of the US Banking System
According to Gary Gensler, the first cryptocurrency is trying to undermine the American banking system.
US Securities and Exchange Commission (SEC) Chairman Gary Gensler at the 2021 DACOM Summit called Bitcoin an autonomous alternative and competitor to the US banking system. Gensler explained that about 40 years ago, the country’s banking system was completely rebuilt to combat money laundering and other threats. With the help of Bitcoin and its autonomous approach, they are trying to undermine this system, so the regulator does not support such competition, the head of the SEC noted.
Gensler also spoke about the requirements for companies that want to issue spot Bitcoin ETFs.
“These platforms must register, competently provide protection for investors, proper protection against manipulation and transparency, and also resolve storage issues,” the head of the regulator said.
In early October, Gary Gensler announced that the regulator had no plans to ban cryptocurrencies. Instead, the official said the SEC would take a “different approach” to deal with digital assets.
Do you want to learn more about the most promising tokens through LATOKEN Review, and always stay up to date? To do this, just follow us on Medium, LATOKEN Blog, or LATOKEN VCTV channels.
About LATOKEN
- Ranked #2 worldwide in the startup tokens primary market with 220+ IEO’s since 2017.
- Has over 2 mln registered users, over 1 mln Android app installs.
- Is in the TOP 10 of CoinGecko rank by the amount of token pairs and coins listed.
- VCTV, a live streaming panel with high-profile industry leaders, produced over 500 shows to advise traders and investors how to navigate the crypto world with discussions, news updates, and interviews.
- Advisory Board includes former CFOs from JP Morgan and Paypal.
Follow LATOKEN on social media to keep up with the latest news, and more!👇
✅ Website
✅ YouTube
LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
