Gary Gensler, former chairman of the US Securities and Exchange Commission (SEC), made important statements about the cryptocurrency market after a long break.
Speaking to CNBC, Gary Gensler said he has no regrets about regulating the cryptocurrency market and the actions he took for it.
While Gensler stated that his views on Bitcoin (BTC) and cryptocurrencies have not changed, he argues that cryptocurrencies are still speculative.
Gensler stated that he does not regret the strong sanctions and regulations imposed on the cryptocurrency sector during his tenure, as fraud was rampant at the time.
Gensler, seen as a key figure in the crackdown on the crypto sector, stated that the SEC has filed approximately 100 lawsuits against crypto companies under his leadership, a number comparable to his predecessor’s tenure.
“During my time in office, the cryptocurrency market was rife with scams.
I do not regret the sanctions I imposed on cryptocurrencies and the regulation I implemented.”
Only Bitcoin Will Be Permanent!
Gensler, who continues to stand by his ideas, argued that most cryptocurrencies survive on speculation and hype rather than value creation.
He emphasized that cryptocurrencies other than Bitcoin are fundamentally devoid of fundamentals and are highly speculative, risky assets. Gensler stated that while BTC may survive for a long time, the rest of the cryptocurrency market may not.
Finally, Gensler reminded that regulations are implemented solely to protect investors.
*This is not investment advice.
