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.

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