Gary Gensler Warns That The $2 Trillion Crypto Market Will Not Survive If It Is Not Regulated
The bitcoin market is becoming increasingly volatile. September saw a slew of bearish occurrences, which spurred numerous questions about whether the market will see effective regulation.
In the middle of the current debate, Securities and Exchange Commission Chairman Gary Gensler recently addressed the matter during an interview with former federal prosecutor Preet Bharara at Vox Media’s Code Conference in Beverly Hills.
Gensler maintains the same views on being tech neutral in light of the current surge of innovation in the world. He continues by stating that he is more concerned with ensuring that investors receive a “complete and fair disclosure” when it comes to investing in digital currencies.
Explaining why the bitcoin business has grown to such proportions and why regulation is necessary. He made an extraordinary declaration regarding the trillion-dollar industry’s fate if it does not adhere to cryptocurrency rules and regulations.
As he is reported to have stated; “This will not end well if it remains outside the regulatory framework. To believe that a field that has grown tenfold in the previous 18 months – not just in terms of asset value, but also in terms of underlying lending and much more – will remain successful outside of these public regulatory frameworks. We’re going to have an issue, and a lot of people are going to get hurt.”
Recall that billionaire Ray Dalio expressed concerns about the government seizing Bitcoin, which were repeated by other Bitcoin advocates in the past. There have been conflicting views on whether Bitcoin will survive in the long run.
Jamie Dimon of JPMorgan recently stated that while he is not a fan of Bitcoin, he is certain that the government will regulate it. Dalio, on the other hand, is adamant that if Bitcoin becomes successful, the government “will destroy it, and they have ways of doing so.”
When asked about his reaction to Dalio’s remarks during the conference. Gensler, on the other hand, responded by equating the exchange commission’s job to that of sports referees and traffic laws. His argument was that it all depended on market participants’ willingness to adhere to all applicable tax and anti-money laundering regulations, adding that the SEC’s mission was to “be accountable to the American public.”
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