At his confirmation audience to head the Securities and Exchange Commission (SEC), Gary Gensler talked to Congress to discuss cryptocurrencies and Bitcoin. Subject that has brought a lot of news in recent weeks due to the new record prices in the market for them.
Gensler, spoke about the challenge that cryptocurrencies represent as a form of investment and pointed to the protection of investors. Janet Yellen has already mentioned the problem represented by the possible origin of ilicit funds in markets.
Gensler spoke to the Senate Banking Committee in his nomination hearing, about the innovation and financial inclusion that cryptos bring, but also warns in his speech about the problems in foreign markets and the existence of scams and fraudulent markets . While he will prioritize crypto consumer protection, he didn’t specify how it will be available the SEC as an instrument.
Gensler is considered a specialist in the crypto world and also highlighted the concern of “payment for order flow“. The lack of state regulation and the ignorance of the origin of the funds in crypto investments, have generated many controversies. Even so, gradually, government and financial representatives of some nations began to comment on the matter.
Gensler stated that “It is important that the SEC provide guidance and clarity” Therefore, it is possible that, with the Gensler administration, there are attempts to regulate or generate protective mechanisms in this type of investments.
BTC below 50,000, scenario of possible sellers. Above 51,000 we are facing a scenario of entry of buyers.
ETH below 1450, it is a scenario of potential sellers. Above 1500, possible entry of buyers.