Cryptocurrencies are bound to triumph, let all those who oppose them tremble in the face of the facts. As an "old friend" in the crypto circle, the scholar-type official who knows Bitcoin best, at the critical moment when Bitcoin passes the ETF, to be or not to be? He cast the decisive vote. The much-anticipated Web3 heat in the industry, he is also a person who smashes the plate, but undoubtedly, after his resignation, the crypto market is worth looking forward to.
1/ He has a brilliant resume in the financial field. He was once one of the youngest partners at Goldman Sachs, and served as the chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014, responsible for regulating the derivatives market and other commodity trading markets. He was appointed chairman of the U.S. Securities and Exchange Commission (SEC) on April 17, 2021, after Biden took office.
2/ He was a professor at MIT, focusing on teaching and research on Block technology and digital currencies, and his open online course is "Blockchain and Money". To be honest, his course is not bad, and can even be said to be brilliant. He teaches better than many university courses. His understanding of Bitcoin, Block technology and its application potential, and even ICOs, is very profound. The course includes:
- The history of Bitcoin and related issues, including a discussion of the essence of currency.
- Discussion of smart contracts in open source and private applications.
- Distributed ledger technology.
- Public policy issues, including ensuring financial stability and protecting investors from fraud.
- The potential applications of Block technology in the global payment system, venture capital, initial token offerings (ICOs) and other financial fields.
3/ He is known for his hawkish stance on the regulation of cryptocurrencies and other financial markets. This is beyond our previous expectations, and he has become an "insider spy" in the crypto circle due to his deep familiarity with the crypto field. During his tenure, the SEC has taken multiple actions against the crypto industry, including cracking down on fraudulent and wash trading violations. At the same time, he also promoted the acceleration of stock trading settlement and new regulations on U.S. Treasury trading, enhancing the stability and transparency of the market.
4/ His strict regulation of cryptocurrencies may have greatly hindered the reasonable development of the industry, which is very ironic, as the story of his brilliant debate on Web3 in the congressional hearing almost led to bankruptcy in the U.S. In the eyes of the crypto circle, the great environment they have finally welcomed, he is a person who comes to smash the plate.
5/ During his tenure, he approved the Bitcoin ETF, to be or not to be, he had the decisive vote. At the critical moment, when he cast his vote in favor, many people heaved a sigh of relief. However, he subsequently clearly stated that the approval of the Bitcoin spot ETF does not mean that the SEC approves or recognizes Bitcoin. He emphasized that Bitcoin is a speculative and volatile asset, and the SEC's approval will bring more regulation. In the eyes of industry insiders, he lacks courage.
6/ His resignation may lead to a major shift in SEC policy, and the new chairman may take a more friendly regulatory approach to the crypto industry, making the crypto market more open. His departure is certain, but the future is full of possibilities, we live in possibilities, cryptocurrencies are able to change the world, and this new market has a promising future.
