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Stablecoins are like poker chips on casino gaming tables, says SEC chief

Stablecoins are like poker chips on casino gaming tables, says SEC chief

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Answer Stablecoins are like poker chips on casino gaming tables, says SEC chief

David Ignatius of The Washington Post an interview With Gary Gensler, Chairman of the SEC, on the cryptocurrency landscape, the latter presented his approach and vision for regulating the cryptocurrency industry.

Gensler is optimistic about the potential that crypto offers to boost funding, but he also believes that most of the space should be subject to regulatory oversight including stablecoins.

At the beginning of the interview, Gensler commented on the recent crash of the cryptocurrency market, calling it a “highly speculative asset class.”

Although he believed there were innovations in the basic white paper proposed by Satoshi Nakamoto twelve years ago, he also said:

Read:Bitcoin is testing the $21,000 level as the rally continues!

There is often no one behind Bitcoin other than what someone else is paying you for.

I don’t think that technologies last long outside the framework of social and public policy.

Later in the conversation, when discussing tokens that fall under the SEC’s purview, Gensler sees most digital tokens as securities.

At the same time, he stated that some of them are commodities, and some have common features between commodities and securities.

Then he switched to stable cryptocurrencies, declaring about it by saying:

Stable cryptocurrencies may have the characteristics of investment contracts.

While some of them have features such as banking products…

Gensler also added that the SEC is working under the direction of Secretary Janet Yellen to produce a report on the stablecoin.

Yellen is notorious for her opposition to cryptocurrencies on the grounds that they facilitate criminal activity.

At the end of the interview, Gensler said he is regulating the crypto space before what he calls an inevitable leak into the third lane occurs.

He commented:

We have a lot of casinos here in the Wild West, and the digital stablecoins are poker chips.

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