SEC Chairman Gary Gensler said that crypto markets are incompatible and that the decentralized narrative is false.
Gensler, who attended a conference organized by the Federal Reserve Bank of Atlanta, again took cryptocurrencies to his target. Gensler also addressed the Coinbase dispute and general crypto regulations.
Attending the 27th annual Financial Markets Conference, Gensler argued that the crypto industry is full of conflicts and incompatible. Also, Gensler talked about Satoshi Nakamoto.
SEC Chairman Gensler Is Clear On Crypto
SEC Chairman Gary Gensler reiterated his stance on cryptocurrencies at the conference organized by the Federal Reserve Bank of Atalanta. Gensler consistently offered the opposite answer to the questions put to him. As it is known, Gensler is the target of criticism for his stance on crypto.
Evaluating the crypto ecosystem as a whole, Gensler noted that it is an incompatible and problematic place. It was noteworthy that Gensler said that three out of four bankrupt banks in the US owned crypto assets.
Gensler also commented on Coinbase, arguing that their role is important in preventing systematic contamination. Gensler said that they have already published the rules and that the industry has an incompatible structure. Speaking on the subject, Gensler said;
Our agency has set rules about what it means to be a stockbroker, what it means to be a broker-dealer, what it is to be a custodian and asset advisor, and how to record an offering of securities. These rules are in place, and there is nothing to make a new technology inconsistent with public policies laid down by Congress.
In addition, Gensler stated that their only request is for crypto money projects to register and comply with the rules. Finally, Gensler stated that they do not know who or who Satoshi Nakamoto, the creator of Bitcoin, is. Gensler stated that this view, which has been against centralization since ancient times, eventually turns to law. According to SEC Chairman Gensler, this situation created by the perception of decentralization results in bankruptcy courts.
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