SEC chief thinks bitcoin threatens US financial sector

by in Cryptocurrency News

Gensler

Bitcoin is viewed by many in the American establishment as a threat to the country's economy. Recently, Hillary Clinton, who served as head of the State Department in the Barack Obama administration, said that digital currencies undermine the dominant position of the dollar in the global financial system.

Now Securities and Exchange Commission chairman Gary Gensler has called bitcoin a threat to the American banking sector. The head of the regulator expressed his point of view at the site of the DACOM 2021 summit. In his opinion, BTC creates risks for the financial system of the state, since this instrument is not controlled by anyone.

Over the past 40 years, the country has developed an effective anti-money laundering system. Cryptocurrency, on the other hand, does not obey American laws, and accordingly, criminal structures can use it in their dubious operations.

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Gary Gensler also commented on the SEC's recent refusal to launch a bitcoin ETF spot crypto fund. He stressed that the issuers of such a product have not yet provided the regulator with convincing arguments in favor of approving the fund. The SEC does not yet have the leverage to protect investors from cryptocurrency price manipulation.