Gary Gensler Stated the importance of regulating the crypto Industry

Dec 2021
Cryptocurrencies have a future, but only in an "environment of trust", and the path to regulation will become easier as the space becomes centralized. This is the conclusion reached by SEC Chairman Gary Gensler and his predecessor Jay Clayton during DACOM 2021.
Gensler reiterated that he compares cryptocurrencies to the "Era of Free Banking" from 1837 to 1863. In his opinion, there are many projects trying to circumvent regulation.

Finding an industry outside the regulatory perimeter could lead to a loss of public confidence in the technology, the official added. He paid special attention to the sector of decentralized finance (DeFi).

At the end of October, the Chairman of the Commission compared the situation with DeFi with the time when P2P lending arose. In a conversation with Clayton , he repeated his thought:

"Such activities should have similar regulation."

The speech of the head of the SEC did not cause a negative reaction of the market. At the time of writing, bitcoin is trading around $58,745, having risen in price for