Gary Gensler, the U.S. SEC’s (Securities and Exchange Commission) chair, mentions Satoshi Nakamoto to be a significant innovator in the cryptography field, and the innovation that he made stimulated the construction and growth of the crypto assets as well as the primary blockchain technology. He considers that the revolution in blockchain to be initiated by Satoshi Nakamoto during 2008 is a rumor. However, it is a valuable system for the internet’s future.
On Tuesday, during an interview arranged by Aspen Security Forum, Gensler discussed his contribution in teaching at the MIT (Massachusetts Institute of Technology) regarding the demarcation between technology and finance. He mentioned that despite a lot of propaganda concealed within, the innovation of Nakamoto is significant. He pointed out that the common people may wish cryptocurrency to just vanish away, yet it has a wide-ranging impact to be made in the upcoming era of finance. He added that he considers the distributed ledger technology to be real, which is currently securing a lot of value on the internet.
Some people within the crypto space understood Gensler’s remarks in the other way, meaning that he has reviewed the whole field of blockchain and resolved that Bitcoin (BTC) is the single genuine innovation. A part of Gensler’s discussion with the Aspen Security Forum seemed to be more focused regarding the white paper of Bitcoin, which was published by Satoshi Nakamoto over a decade in the past.
Gensler further mentioned that the noteworthy thing is that Nakamoto was attempting to construct a private type of money having no central control over it like a central bank or the commercial banks. While he admitted that none of the cryptocurrencies justifies the entire of the functions that are fulfilled by the traditional currencies such as the dollar, so far, he expressed that Bitcoin and other such assets offer a diverse value plan.
Since June, after being appointed by the committee of Senate Banking as the SEC chair in April, Gensler has been performing his activities substituting the previous Jay Clayton, who completed his tenure in the same month. The five-year tenure of Gensler is arranged to prolong till 2026. He intends to play a vital role in the formation of a dynamic regulatory framework regarding the U.S. cryptocurrencies, particularly in the newly established Defi markets like lending.