US Securities and Exchange Commission (SEC) Chairman Gary Gensler congratulated the cryptocurrency community on the 14th anniversary of the Bitcoin White Paper. This caused a mixed reaction from users.
On October 31, 2008, the anonymous creator of Bitcoin, Satoshi Nakamoto, published a white paper on the network. According to a tweet by Gary Gensler, the publication of this paper has led to the development of innovation and investment in digital assets. Therefore, Gensler urged cryptocurrency companies to ensure that investors are properly protected by the future 15th anniversary of the industry. His tweet got over 8,000 likes and over 2,500 comments.
Happy 14th birthday to Satoshi Nakamoto’s whitepaper! It has led to innovation and crypto asset investing. Let’s make sure as crypto enters its 15th year that investors get proper protection.
— Gary Gensler (@GaryGensler) October 31, 2022
Some users thanked Gensler for recognizing Nakamoto’s fundamental work. However, many accused Gensler of trolling and hypocrisy, saying that he does not really think about the development of the cryptocurrency industry. Some Twitter users criticized the SEC chairman for refusing to approve the launch of an ETF for bitcoin, others wrote that the crypto industry is not within the competence of the SEC, since Congress did not give the department the necessary powers.
Even attorney John Deaton, who is defending XRP holders in the SEC and Ripple lawsuit, wrote to Gensler: “Stop acting like you wouldn’t serve Satoshi with a subpoena if you could.”
The SEC chairman is often criticized by industry participants for the agency’s harsh approach to regulating crypto assets. Cryptocurrency companies are calling on the SEC to outline clear rules that they must comply with. However, Gensler insists that the current laws are clear and can apply not only to traditional finance but also to cryptocurrencies.
Earlier, the chairman of the SEC said that after the merger of Ethereum, Ethereum could be classified as a security, and recently Gensler questioned the decentralization of the cryptocurrency market.
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