A new statement about cryptocurrencies, one of the most controversial investment tools of recent years, was made by Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC). Gensler, who we think does not understand blockchain and crypto money technologies, compared the “stable” cryptocurrencies on the market to poker chips.
Gary Gensler, who attended an event organized by the Washington Post, one of the well-established newspapers of the USA, stated that he does not see cryptocurrencies as long-term. Describing cryptocurrencies as a “highly speculative asset class”, the SEC Chairman declared that people will suffer if there is no strong oversight.
“History tells us otherwise”
In his statements, Gary Gensler said, “I don’t think there is a long-term viability for five or six thousand special currencies. History tells us otherwise. I think it would be beneficial to have an investor protection regime around this.” At this point, it should be made clear that no conscious investor cares about all thousands of cryptocurrencies. In other words, it is a well-known fact that most of the cryptocurrencies in the market are not long-lasting.
Gary Gensler used the following statements about stable cryptocurrencies: Stable coins are currently acting like poker chips in a casino. Without strong oversight, people will suffer.
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