Gary Gensler said on Wednesday that Bitcoin was created “as a reaction” to the U.S. monetary system and its worldwide consensus.
Bitcoin is a competitor to the U.S. banking system and its worldwide consensus, the Securities and Exchange Commission (SEC) Chairman Gary Gensler said on Wednesday.
“We layered over our digital money system about 40 years ago with money laundering and various sanctions and regimes around the globe; we layered that over a digital currency system called our banking system,”
Gensler’s remarks came during the DACOM Summit 2021, a compliance and market integrity event live-streamed on Wednesday.
“In 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It’s not surprising that there’s some competition that you and I don’t support but that’s trying to undermine that worldwide consensus.”
The SEC chairman joined Jay Clayton, who was in Gensler’s shoes as the commission’s head a few years past, for a conversation around Bitcoin, cryptocurrencies, digital assets, exchange-traded funds (ETFs), and decentralized finance.
Credits and full article: BitcoinMagazine