SEC Chairman Doesn’t See Long Term Viability for Cryptocurrencies

Savannah Fortis

Wed, Sep 22, 2021, 10:34 PM1 min read

BeInCrypto –

The Chairman of the U.S. Securities and Exchange Commission (SEC) says he doesn’t see cryptocurrencies lasting long.

At a virtual event hosted by the Washington Post, SEC Chairman Gary Gensler compared cryptocurrencies to past financial movements. He said the thousands of digital currencies are like the so-called wildcat banking era of 1837-63 in the U.S.. During this time in history there was no federal bank regulation and banks sometimes issued their own currencies.

Gensler said because of the array of currencies he doesn’t see long term sustainability for cryptocurrencies. He also highlighted the importance of investor protection and regulatory oversight.

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SEC Chairman Doesn’t See Long Term Viability for Cryptocurrencies

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