Last Updated on 1 November 2023 by Admin
U.S SEC Chairman Gary Gensler, have recently been celebrating the 15th anniversary of the release of the Bitcoin (BTC) Whitepaper.
Gary Gensler, who is in charge of the US financial system as a whole, has acknowledged Satoshi Nakamoto’s contribution to the current cryptocurrency revolution.
A $1.27 trillion industry has emerged since the Bitcoin Whitepaper was published, comprising hundreds of Non-Fungible Tokens (NFTs) and Decentralised Finance (DeFi) protocols, among many others. Although the foundation of this flourishing ecosystem was Bitcoin, it has now grown to include much more than just Bitcoin.
Experts in the crypto sector have called the SEC’s recent efforts to combat fraud in the field a “witch hunt.” The SEC has also filed lawsuits against certain cryptocurrency firms. Ex-SEC Chair Jay Clayton has filed suit against cryptocurrency exchange Ripple.
Although the Ripple litigation is still active, the business has scored some victories thanks to Judge Analisa Torres’s ruling that XRP is not a security. Gary Gensler, in his most recent piece, warned crypto businesses that they must comply with securities rules notwithstanding the outrage the industry has gotten from this case and others like it.
Gary Gensler’s timeline has been inundated by crypto aficionados who have some basic requests of the government. This need is entangled with the decade-long pursuit by market participants of Bitcoin spot ETF approvals.
Gensler, chair of the SEC, has confirmed that the commission is now considering between eight and ten applications. BlackRock, Fidelity, Ark Invest, and Bitwise are just some of the companies waiting for a response from the regulator.