The Chairman of the US Securities and Exchange Commission says that Bitcoin is “trying to undermine the global consensus” on the current financial system

Posted:

2 dic 2021 16:37 GMT

According to Gary Gensler, decentralized finance “will not survive if it remains outside the framework of public policy.”

During the DACOM 2021 Digital Technologies Conference, held Wednesday in New York, US Securities and Exchange Commission (SEC) Chairman Gary Gensler, announce Bitcoin is a competitor to the US financial system and the global consensus.

“About 40 years ago, we rebuilt the digital money system to combat money laundering, with various penalties imposed on systems around the world, and put on top of this a digital currency system called ‘Our Banking System’, She said Gensler. He stressed that digital assets have been around for a long time. “The US dollar, the euro, the yen, and most public companies are digital, […] One buys and sells digital stocks, buys and sells digital treasuries; There is no longer any material debt on the treasury. I prefer classifying these assets as digital.”

According to Gensler, bitcoin was created as a “reaction” to the US monetary system and global consensus. In 2008, Satoshi Nakamoto wrote an article in part as a reaction, which is an off-the-grid style. Not surprisingly, competition has emerged. […] We do not support, but you try Undermining this global consensus“, She said.

According to Gensler, cryptocurrencies gained fame because they “make trading platforms more efficient.” However, its development “allowed people around the world to resort to money laundering and non-compliance with the tax system in jurisdictions.” Innovations about DeFi [finanzas descentralizadas] It could be real but They will not survive if they are kept out of public policyHe emphasized that “technologies don’t last long outside the rules of public policy, people are getting hurt, and trust is dwindling. It’s much better to incorporate them into public policy frameworks, and that’s what we’re going to try to do at the Securities and Exchange Commission.”

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