Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), has had mixed messages about cryptocurrencies since taking over the regulatory agency in 2021.
In a live interview on Bloomberg Business on October 22, the SEC Chair initially sidestepped a question about managing digital assets to congratulate Bitcoin (BTC) on its "sweet sixteen" - the first draft of this cryptocurrency was released on October 31, 2008. Gensler suggested that the SEC will maintain its approach when considering the risks of digital assets to investors and "regulating through enforcement."
"We've benefited over nine decades from strong laws from Congress and rules from many different agencies [...] to help drive markets - to protect investors, facilitate capital formation and the markets in between, and that's what we'll continue to do," Gensler said.
The reporter asked how Gensler would respond if Republican presidential candidate Donald Trump were re-elected in 2024. Trump has pledged to fire the SEC Chair "on day one" if victorious. Gensler declined to comment on the possibility of being ousted or on Trump's World Liberty Financial project.
The SEC Chair's interview came just a day after the agency's inspection office placed cryptoassets as one of the priorities for 2025. Many business leaders and lawmakers have questioned or criticized Gensler's approach to the cryptocurrency industry, but he has given no indication that he intends to change the commission's crackdown campaign.
Bitcoin Turns Sixteen
October 31 will mark sixteen years since the creator of BTC, known by the pseudonym Satoshi Nakamoto, published the white paper through a cypherpunk mailing list. The first Bitcoin transaction took place a few months later, on January 3, 2009, known to the community as Genesis Block Day.
Although an HBO document recently suggested that cryptologist and computer scientist Peter Todd may be Satoshi, many viewers have questioned the film's conclusion. To date, there is no definitive evidence identifying the creator of Bitcoin, although some hypotheses suggest it could be early contributor Hal Finney and Hash inventor Adam Back.
At the time of release, the price of Bitcoin was $67,370, up more than 6% in the past 30 days.
