Yesterday, the price of bitcoin rose after statements by the new SEC chairman Gary Gensler.
In fact, Gensler is not yet, for all intents and purposes, the chairman of the Securities and Exchange Commission, but he was chosen by new U.S. President Joe Biden to replace Jay Clayton, who was appointed by Donald Trump in 2017.
In early 2021, Clayton stepped down, but Gensler has not yet formally taken office.
However, Gensler will definitely be the next SEC chairman once all formalities are taken care of, so his statements about bitcoin and cryptocurrencies should be considered, for all intents and purposes, as official statements by the future president of the agency.
To be fair, yesterday the price of BTC dropped a little after Gensler himself said during his Senate confirmation hearing that he wanted to ensure that the cryptocurrency market was free from fraud and manipulation, but in the next few hours the price went up again.
Statements that can shake Bitcoin
In fact, Gensler was seen in the past as a strong advocate for digital assets, so much so that he was also a senior advisor to the Digital Currency Initiative at MIT Media Lab, where he taught.
At the time of his appointment, he stated:
“I am honored to join MIT, whose faculty, staff and students have long been at the forefront of research and technology. I am excited to collaborate with the distinguished team of academics at MIT trying to create a better future through blockchain technology and the ethics and governance of artificial intelligence. “
Therefore, his words to the Senate, initially interpreted as potentially negative for the cryptocurrency market, were later revised to mean something different, both rigorous and positive.
For example, the president of blockchain technology company Ava Labs, John Wu, said:
“Although the Bitcoin market reacted quickly to his comments, Gensler was positive about Bitcoin and cryptocurrencies. I am hopeful that the new government will help promote innovation in blockchains, cryptocurrencies and digital assets, rather than suffocating them. “
In fact, Gensler is known to have decidedly rigid positions, but in no way against cryptocurrencies and digital assets. Therefore, it is possible for the SEC to change its attitude towards this new asset class from negative to positive, while maintaining a critical and not overly permissive approach.