The rush for regulation of the crypto business is now openly underway . It is a known fact that many countries and regulators changed their approaches from time to time . However Gary Gensler is one of the few well-known figures who has never revised his mind on cryptocurrency . But since when?
Gary Gensler Himself Was a Anti-Regulation In the Past
Gary Gensler has been in the finance industry for many years and is most known for his role as chairman of the CTFC during the 2008 financial crisis . His primary accomplishments include making OTC derivatives markets more closely regulated . He was instrumental in setting the stage for the deregulation prior to 2008 most notably the demise of Lehman Brothers . The Oak file reminds us that Gary Gensler once said that the global financial crisis had irrevocably changed his outlook on government oversight .
Another unexpected truth is that in 2018 Gary Gensler spoke on blockchain technology and cryptocurrency at the MIT . He has lately shifted his tone from one of gushing appreciation for Algorand’s technology (ALGO) to calling for a more stringent regulatory framework for the issuing of what he considers to be a security .
Hester Peirce: A New Hope for the Crypto Industry
It is already common knowledge that the United States takes a strong stance against cryptocurrencies, as proven by the recent penalties handed out to cryptocurrency exchanges like Coinbase, Kraken and Bittrex . But from the SEC side there is a ray of hope in the form of Hester Peirce .
According to her dossier at Oak Invest, she has “ardently defended cryptocurrencies, spoken out and put innovation in the sector at the center of her speech” during around forty interventions since 2018 . In 2018, the Winklevoss brothers presented an ETF based on Bitcoin (BTC) and this woman earned the moniker “Crypto Mom” for her staunch support of this idea . Since then she’s been advocating for stricter regulations, the reverse of what Gary Gensler probably wants to achieve .