Gary Gensler suggests EU Parliament crypto and fintech could be as disruptive ‘as the internet’
To regulate the decentralized financial technologies, the SEC boss shared his point of view to establish cooperation between Europe and the United States.
Gary Gensler, chairman of Securities and Exchange Commission, always gives his point of view and opinion in the crypto regulation framework. Already he contributed to the regulators in the U.S to establish a better regulation framework on the crypto market. Right now he is chairman of SEC, so he is trying to establish a better relation with another country’s regulators, so that they can establish a better regulation and framework globally on the crypto market.
Read also: Sec chair says Crypto Market Won’t ‘Last Long Outside’ Regulatory Framework
On Wednesday, Gary Gensler, speaking to the Parliament’s Committee on Economic and Monetary Affairs , said that crypto and fintech could be as disruptive ‘as the internet’. Gary mainly highlighted the positive perspective of this blockchain industry including crypto market and blockchain technology based sectors.
“I think the transformation we’re living through right now could be every bit as big as the internet in the 1990s.”
Gary also highlighted the potential of the crypto market which is $2.1 trillion dollars. He said that this market is a true asset class and always works 24×7 and every day of the week.
The whole discussion shifted into the negative side of crypto, when Finnish politician, Eero Heinäluoma asked about the increasing carbon footprint level because of crypto. They specially targeted Bitcoin, which consumes a huge amount of electricity which is larger than the Netherlands and Sweden.
Read also: Carbon Footprint Of Cryptocurrency
Then Gary said that this industry is under revolution. And there are other options of crypto which are based on Proof-of-stake like Ethereum and Cardano.
Later in the end of discussion, Gary highlighted the regulation of the decentralization crypto platforms. According to Gary Defi are better options but there are some problems which can lead into big problems and also investors need protection for their Investment on the platforms. In Actual he tried to take the reference of his own statement where Gary claimed that many Defi platforms are not decentralized and they are under the control of developers.
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