Gary Jensler, former chairman of the U.S. Securities and Exchange Commission (SEC), issued an important statement about the cryptocurrency market after a long break.
Speaking to CNBC, Gary Gensler said he has no regrets about regulating the cryptocurrency market and the actions he took.
Gensler said his views on Bitcoin (BTC) and cryptocurrencies have not changed, but argues that cryptocurrencies are still speculative.
Gensler said he did not regret the strong sanctions and regulations imposed on the cryptocurrency sector during his tenure, as the fraud was ramping at the time.
Gensler, considered a key figure in cracking down on the Crypto sector, said the SEC has filed around 100 lawsuits against crypto companies under his leadership.
“During my tenure, the cryptocurrency market was being hit by fraud.
I don’t regret the sanctions I imposed on cryptocurrencies and the regulations I have implemented. ”
Only Bitcoin will be permanent!
Jensler, who continues to support his idea, claims that most cryptocurrencies survive with speculation and hype rather than value creation.
He emphasized that cryptocurrencies other than Bitcoin are essentially basic and are highly speculative and dangerous assets. Gensler said BTC may survive for a long time, but the rest of the cryptocurrency market may not.
Finally, Gensler reminded us that regulations are in place solely to protect investors.
*This is not investment advice.
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