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Gensler says happy anniversary to Bitcoin whitepaper.
With yesterday marking another anniversary of Satoshi Nakamoto’s Bitcoin (BTC) whitepaper, many crypto enthusiasts celebrated the birthday of a document that laid the foundation of a major industry.
Surprisingly, the Chairman of the Securities and Exchange Commission (SEC) Gary Gensler also joined members of the crypto community to celebrate the anniversary of the Bitcoin whitepaper.
“Happy 14th birthday to Satoshi Nakamoto’s whitepaper!” Gensler tweeted.
He noted that the release of the Bitcoin whitepaper by the pseudonymous BTC creator has given birth to “innovation and cryptocurrency investing.”
The SEC boss said there is a need to ensure cryptocurrency investors are protected as the industry approaches its 15th anniversary.
“Let’s make sure as crypto enters its 15th year that investors get proper protection,” Gensler added.
Crypto Community Reacts
The tweet has received mixed reactions from cryptocurrency investors. Some investors expressed gratitude to Gensler for recognizing a significant crypto event like the publication of the Bitcoin whitepaper.
Thanks, Gary! What do you mean by "proper protection" though? I could really use some clear guidance. I'm building and transacting a lot on the Ethereum Blockchain. Is that a security? Is ETH a security? LMK when you get a chance…I know it's only been 8 years so take your time!
— Fred Rispoli (@freddyriz) October 31, 2022
However, other crypto enthusiasts hurled insults at Gensler due to his regulatory approach in the emerging market.
Gary you are not protecting investors. You are profiting off investors. Your business model is unsustainable without carrying out lawsuits against other orgs/companies/individuals. The more lawsuits you bring in the more money SEC makes. Youre happy when investors get REKT.
— TraderUDN (@TraderUDN) October 31, 2022
SEC Not Protecting Investors?
A large percentage of crypto investors do not believe the SEC, under Gensler’s leadership, is committed to protecting their interests.
The agency has been slammed for protecting its interests at the expense of U.S. investors. The SEC claims that the vast majority of cryptos are securities without providing further explanation to back the comment. Crypto stakeholders have repeatedly called on the SEC to provide clearer regulations.
Can you give folks proper regulation so they can innovate without fear of penalties
Americans are hurting and this is how we create jobs, revenue and a safe place for both investors and builders
— WendyO.eth✨ (@CryptoWendyO) October 31, 2022
However, the Securities and Exchange Commission thinks the law is clear on what constitutes a security. Both lawmakers and industry participants have criticized Gensler for preferring regulation by enforcement over regulations by rules. These allegations do not seem to bother Gensler, as he continues his quest to control the entire crypto industry.