{"id":478064,"date":"2021-12-03T17:00:23","date_gmt":"2021-12-03T17:00:23","guid":{"rendered":"https:\/\/wncen.com\/?p=478064"},"modified":"2024-06-11T07:40:02","modified_gmt":"2024-06-11T07:40:02","slug":"sec-boss-acknowledges-that-bitcoin-is-a-competitor-for-u-s-banking-system","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sec-boss-acknowledges-that-bitcoin-is-a-competitor-for-u-s-banking-system\/","title":{"rendered":"SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System"},"content":{"rendered":"

Bitcoin has proven to be a long-term play which means nations can no longer ignore the impact of the cryptocurrency on the economy. One way that nations have responded to this has been through regulations. While some countries have implemented favorable laws for bitcoin, others have gone the route of trying to stop the digital asset. The United States skews towards the latter.<\/p>\n

The SEC has made several attempts to try to regulate the crypto industry, with SEC boss Gary Gensler commenting on what the regulatory body is doing to regulate the asset on several occasions. A growing concern now is the role BTC plays in the economy.<\/p>\n

Bitcoin And The Economy<\/h2>\n

SEC chairman Gary Gensler has raised some concerns regarding bitcoin and the U.S. economy. According to the SEC boss, BTC is now a competitor to the U.S. banking system. Gensler said this on Wednesday when speaking to former SEC chairman Jay Clayton at the DACOM Summit 2021<\/a> about the role of cryptocurrencies, Bitcoin, and ETFs in the economy.<\/p>\n

Related Reading |\u00a0Canada Marks Launch Of First Bitcoin, Ethereum ETFs With Monthly Payouts<\/a><\/strong><\/em><\/p>\n

Gensler, during this summit, said that Bitcoin had been created as a reaction to sanctions and regimes that went into place across the globe. He referred to BTC as \u201can off-the-grid type of approach\u201d.<\/p>\n

\n

\u201cIn 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It\u2019s not surprising that there\u2019s some competition that you and I don\u2019t support but that\u2019s trying to undermine that worldwide consensus.\u201d<\/p>\n<\/blockquote>\n

This refers to the completely decentralized nature of BTC. Satoshi Nakamoto, the creator of Bitcoin, had structured the asset in a way that it couldn\u2019t be replicated or controlled by a single entity.<\/p>\n

\"Bitcoin<\/p>\n

BTC price trading at $57K | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Why BTC Is Becoming Mainstream<\/h2>\n
The deflationary nature of Bitcoin has been one of the most important things for investors who bought the asset. Coupled with its impressive returns on investment, the asset had made for a perfect hedge against inflation. Thus becoming a more popular investment avenue in the financial world.<\/p>\n
Related Reading |\u00a0Croatia\u2019s Largest Supermarket Chain Rolls Out Bitcoin Payments<\/a><\/strong><\/em><\/p>\n
Another has to do with the decentralization of the cryptocurrency. It puts the holder of the coins in complete control of their assets, free from interference from any entity or governmental body. Basically helping people become their own banks.<\/p>\n
However, the same reasons that make Bitcoin such an attractive investment for investors are the same ones that make governments see the digital asset as a threat. Although not all governments see the crypto as a threat. One such example is El Salvador which has adopted Bitcoin as a legal tender in the country.<\/a><\/p>\n
Featured image from CNBC, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has proven to be a long-term play which means nations can no longer ignore the impact of the cryptocurrency on the economy. One way that nations have responded to this has been through regulations. While some countries have implemented favorable laws for bitcoin, others have gone the route of trying to stop the digital asset. The United States skews towards the latter. The SEC has made several attempts to try to regulate the crypto industry, with SEC boss Gary Gensler commenting on what the regulatory body is doing to regulate the asset on several occasions. A growing concern now is the role BTC plays in the economy. Bitcoin And The Economy SEC chairman Gary Gensler has raised some concerns regarding bitcoin and the U.S. economy. According to the SEC boss, BTC is now a competitor to the U.S. banking system. Gensler said this on Wednesday when speaking to former SEC chairman Jay Clayton at the DACOM Summit 2021 about the role of cryptocurrencies, Bitcoin, and ETFs in the economy. Related Reading |\u00a0Canada Marks Launch Of First Bitcoin, Ethereum ETFs With Monthly Payouts Gensler, during this summit, said that Bitcoin had been created as a reaction to sanctions and regimes that went into place across the globe. He referred to BTC as \u201can off-the-grid type of approach\u201d. \u201cIn 2008, Satoshi Nakamoto wrote this paper in part as a reaction, an off-the-grid type of approach. It\u2019s not surprising that there\u2019s some competition that you and I don\u2019t support but that\u2019s trying to undermine that worldwide consensus.\u201d This refers to the completely decentralized nature of BTC. Satoshi Nakamoto, the creator of Bitcoin, had structured the asset in a way that it couldn\u2019t be replicated or controlled by a single entity. BTC price trading at $57K | Source: BTCUSD on TradingView.com Why BTC Is Becoming Mainstream The deflationary nature of Bitcoin has been one of the most important things for investors who bought the asset. Coupled with its impressive returns on investment, the asset had made for a perfect hedge against inflation. Thus becoming a more popular investment avenue in the financial world. Related Reading |\u00a0Croatia\u2019s Largest Supermarket Chain Rolls Out Bitcoin Payments Another has to do with the decentralization of the cryptocurrency. It puts the holder of the coins in complete control of their assets, free from interference from any entity or governmental body. Basically helping people become their own banks. However, the same reasons that make Bitcoin such an attractive investment for investors are the same ones that make governments see the digital asset as a threat. Although not all governments see the crypto as a threat. One such example is El Salvador which has adopted Bitcoin as a legal tender in the country. Featured image from CNBC, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":478066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,16539,3799,84834],"class_list":["post-478064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-gary-gensler","tag-sec","tag-u-s-banking-system"],"acf":[],"yoast_head":"\nSEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System<\/title>\n<meta name=\"description\" content=\"Bitcoin has proven to be a long-term play which means nations can no longer ignore the impact of the cryptocurrency on the economy. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System","url":"http:\/\/wncen.com\/news\/sec-boss-acknowledges-that-bitcoin-is-a-competitor-for-u-s-banking-system\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/sec-boss-acknowledges-that-bitcoin-is-a-competitor-for-u-s-banking-system\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Gary-Gensler-scaled.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Gary-Gensler-scaled.jpeg?fit=2560%2C1665"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","gary gensler","sec","u.s. banking system"],"dateCreated":"2021-12-03T17:00:23Z","datePublished":"2021-12-03T17:00:23Z","dateModified":"2024-06-11T07:40:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/sec-boss-acknowledges-that-bitcoin-is-a-competitor-for-u-s-banking-system\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/sec-boss-acknowledges-that-bitcoin-is-a-competitor-for-u-s-banking-system\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/Gary-Gensler-scaled.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/12\\\/Gary-Gensler-scaled.jpeg?fit=2560%2C1665\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"gary gensler\",\"sec\",\"u.s. banking system\"],\"dateCreated\":\"2021-12-03T17:00:23Z\",\"datePublished\":\"2021-12-03T17:00:23Z\",\"dateModified\":\"2024-06-11T07:40:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/12\/Gary-Gensler-scaled.jpeg?fit=2560%2C1665","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/478064"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=478064"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/478064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/478066"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=478064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=478064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=478064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}