Gary Gensler may be a proponent of strict regulation of cryptocurrencies, but he is also an admirer of Bitcoin.
Gensler described by Satoshi Nakamoto, the anonymous founder of the largest cryptomunt Bitcoin, on Tuesday as “a major innovator of cryptography,” and said that his invention created for “promotion of the development of the digital assets and the underlying blockchain technology”.
According to Gensler, the blockchain revolution, which was launched last decade by the creation of Bitcoin, is more than a fad. ”It is a valuable asset class for the future of the internet, ” said Gensler.
The movement was initiated by the publication of a white paper by Satoshi Nakamoto, or the thesis with the fundamental philosophy behind the purpose and operation of Bitcoin, on October 31, 2008.
“Lots of hype disguised as reality”
On Tuesday, told Gensler, in an interview with the Aspen Security Forum in his former role as a financial researcher at the Massachusetts Institute of Technology (MIT). There he worked on cross-fertilisation between technology and finance.
”During that job, I began to believe that although there is a lot of hype disguised as reality in the cryptocurrency world, Nakamoto’s innovation is actual, ” says Gensler.
Gensler also pointed out that cryptocurrencies have a major role to play in the future of finance.
”Although the majority of authorities would rather be happy if the technology just disappear, ” said Gensler.
“I really think there is something valuable about the technology of a ‘distributed ledger ‘ (i.e. blockchain technology, Ed.) that can move value over the internet,” Gensler concluded.
Bitcoin enthusiasts interpreted the comments of the SEC boss as a conclusion that Bitcoin would be the one and only innovative cryptocurrency. Gensler’s speech does indeed praise Satoshi Nakamoto.