David Ignatius, Washington Post, interviewed Gary Gensler, SEC chair, about the cryptocurrency landscape and his views on regulation.
Gensler is optimistic about the potential of crypto to enhance finance but also believes that most of the space should be subject to regulatory oversight – including for stablecoins.
Gensler begins the interview by commenting on the recent crash in crypto tokens’ market. (The term Gensler prefers to be called ‘cryptocurrency’). He also mentions that “often nothing stands behind [crypto] except what someone else will have to pay you for it.”
The chairman says that technology doesn’t last beyond a social and policy framework.
Gensler later in the conversation says that most tokens fall within the SEC’s purview. He also mentions that some may have attributes similar to investment contracts, while others could have attributes like banking products Gensler adds that the SEC is currently working under Janet Yellen to produce a stablecoins report. Yellen is well-known for her opposition of cryptocurrency because they facilitate criminal activity.
Gensler states that he regulates cryptocurrency to prevent a “spill in aisle three” Gensler is aware that cryptocurrency is not suitable for all forms of money and is working to create an investor protection program before they disappear.
He says, “We have a lot of casinos here in the wild West,” and that the poker chips are these stablecoins.
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