SEC Launches Two New Bureaus for Bitcoin and Cryptocurrencies
Depending on the point of view, this is a potentially good news, as it confirms the fact that cryptocurrencies are already a part reality. They are destined to gain ever more significant market shares in the future. And these shares are so large that it forced one of the most important regulators in the world to allocate an entire department for them, which will have two different offices.
The SEC will have a special unit for cryptocurrency products. It will also consider documents of companies registered on exchanges related to Bitcoin and other cryptocurrencies. These are the news from the USA, on the eve of Gensler’s surrender, at least when it comes to the approach to Bitcoin and Ethereum. They will officially be considered commodities, and therefore will be under the calmer wing of CFCT.
However, the SEC will continue to deal with this world in two ways. The first is cryptocurrencies, which, in accordance with US law, will be considered financial securities. In the second case, we are talking about listing companies and financial products, which will be based on the world of crypto. And in this case, the crypto sector will still be completely within the framework of the SEC’s decision-making.
Two new departments will be created, namely the Management of Crypto Assets and the Management of Industrial Applications and Services, both of which will deal with cryptocurrencies and will be launched, according to the plan, this fall.
However, a sign of great attention to the world of cryptocurrencies is that the SEC is also developing under the leadership of Gary Gensler, who, no matter how tough, really very tough, he may be, has sufficient experience in this sector, and is also technically able to understand what is happening behind the crypto industry.
Important events will happen
From a regulatory point of view, a hot autumn is likely to begin in this regard, and Bitcoin, however, will be able to survive all this with great calm thanks to its technical characteristics.
It will be more difficult for those many projects that will have to go through the “ring of fire” of financial asset regulation. We will see about that, but we are sure that if the SEC starts its “activities”, then many in the crypto sector will be a little scared. Many, but not billionaires.
Billionaires Hedge with Cryptocurrencies
An interesting opinion was expressed by David Rubinstein, whom many people know as the founder of the Carlyle Group, one of the largest investment funds, managing assets worth more than $147 billion. He said that billionaires are simply forced to invest in cryptocurrencies. And the government is to blame for everything.
“People invest in Bitcoin and cryptocurrencies to protect themselves, especially if they are rich. And this is due to the lack of trust that the state now has,” he said.
This is certainly an interesting point of view, and it is worth taking into account, especially the part that concerns the relations between the state and citizens. This is where Bitcoin can take a leading position, offering, on the one hand, technical reliability, and on the other, important profitability, at least in the long term.
There is nothing to to be commented further here, at least in our opinion, as this indicates that billionaires have understood (at least partially) the attractiveness of cryptocurrencies, despite the machinations of the SEC.