I don’t think crypto have a long-term viability : SEC chair

Gary Gensler shared his point of view on crypto futures for the next 5-6 years and claimed that there is no future for private money. 

In an interview with the Washington Post on Tuesday, David Ignatius interviewed Gary Gensler and asked many questions about the crypto & China economy based companies jurisdiction.

When the interviewer asked Gary what he thinks about the future of crypto. Then Gary Gensler replied that  he doesn’t think that crypto will sustain life in the next 5-6 years in the form of private money and he claimed that history is proof. 

“I don’t think there’s a long-term viability for five- or six thousand private forms of money. History tells us otherwise.”

Gary Gensler further added that in this interval of time of 5-6 year, they will work to provide Investor protection based rules. 

“..in the meantime, it’s worthwhile to have an investor protection regime placed around this.”

Gary also talked about the matter of companies which are from China and Hong. Gary said that companies of China and Hong are under the jurisdiction of their own countries and they are not under the compliance of US jurisdiction. And if these companies will not comply with US rules then in the next three year they will be thrown out from the US.

“…within the next three years if they do not come into compliance the U.S. will suspend the trading of the roughly 270 China-related companies that are raising money in the U.S”

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