Today, the chairman of the U. S. Securities and Exchange Commission. U. S. Secretary of State Gary Gensler delivered comments to the European Parliament that equated Bitcoin with the first Internet in terms of paradigm-shifting technology.
Speaking virtually, Gensler told the European Parliament’s Economic and Monetary Affairs Committee that Bitcoin is in fact uniting the European and American markets, The Block reported.
“I think the transformation we’re going through right now may be as big as the Internet in the 1990s,” Gensler said.
The SEC chairman also pointed to the fact that Bitcoin is there and its markets don’t close: “It operates 24/7. “
Gensler’s speech to parliament was a remarkable attempt to link U. S. regulatory interests to parliament. USA In Bitcoin and fiat to broader global money markets.
“Our global markets are inextricably linked, and cash flows between them in microseconds. New fintechs continue to replace the face of finance for investors and businesses. I know this is of interest to this committee,” he said. and cryptocurrency, Gensler commented: “This innovation has been and can continue to be a catalyst to replace in the fields of finance and cash.
Many of Gensler’s comments reflected what he had already done, including: “I would like to point out that monetary inventions from all over history do not thrive long outside of public policy frameworks. “The appeal of this is that Bitcoin itself is agnostic with respect to public policy. Unless no crackdown is taken against popular ramps, there is nothing the government can do to prevent it, and Gensler knows this, because he has taught courses at MIT on the subject. theme.
In his speech, Gensler primarily highlighted the threat to the public posed by unregulated cryptocurrency exchanges, as well as the habitual use of solid currencies as a means of circumventing public policy objectives. He commented, “This elegance of assets has been plagued by fraud, scams and abuses in some applications. “
The president’s speech to the European Parliament comes just a month after he delivered a speech at the Aspen Security Forum in which he released new comments that drew a line between Bitcoin and its wide diversity of imitators. on how the SEC can act on the many exchange-traded fund (ETF) proposals that are recently being reviewed through the agency, indicating that those based on Bitcoin futures contracts would possibly have the most productive chance of approval, prompting the unveiling of many Bitcoin ETF Futures in August, adding Galaxy Digital, VanEck and Invesco.