The US SEC Chairman nominee Gary Gensler recently responded to questions about blockchain and crypto in an encouraging way. Speaking at the nomination hearing, Gensler sounded very much positive about Bitcoin and crypto innovation in general. Speaking before the Senate Banking Committee, Gensler called Bitcoin “a catalyst for change.” However, regulators in many countries are not taking the same approach and are seeking more strict regulations for the crypto industry.
SEC Chair nominee, Gary Gensler:
"#Bitcoin and other cryptocurrencies have brought new thinking to payments and financial inclusion, but they've also raised new issues of investor protection… If confirmed at the SEC, I will work to promote innovation" pic.twitter.com/AlAsUPJONY
— Bloqport (@Bloqport) March 2, 2021
Gensler believes financial technology can be a powerful force for good.
The US SEC chair further added, “Markets—and technology—are always changing. Our rules have to change along with them… In my current role as a professor at MIT, I research and teach on the intersection of technology and finance. I believe financial technology can be a powerful force for good… but only if we continue to harness the core values of the SEC in service of investors, issuers, and the public.” However, the US SEC nominee noted the financial regulator would take every measure to make crypto markets free from fraud.
New SEC chair nominee could be good news for bitcoin ETF.
With Bitcoin (BTC) hitting new highs, financial institutions are now gearing up for having Bitcoin ETF-like products in the market. As reported earlier, Canadian regulators have already approved two Bitcoin ETFs last month, which received a strong response from investors. While the North American market has already got its first ETF, all eyes are on the U.S. and the SEC Chair nominee Gary Gensler for approving the first bitcoin ETF in the U.S. market. Earlier, the US SEC had argued that bitcoin is susceptible to market manipulation, and that’s why a bitcoin ETF would be a bad idea. However, Gensler’s pro-Bitcoin pro-innovation stand gives hopes to the industry that the U.S. finally might have a Bitcoin ETF this year after dozens of rejections.