Thu, September 26, 2024 at 21:28

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some significant news regarding the US Securities and Exchange Commission (SEC) and its stance on Bitcoin.

  • 
• Annie

  • Oh, interesting!

  • What did they say?😊

  
• 

  Kang-hoon

  • SEC Chairman Gary Gensler reaffirmed that Bitcoin is not classified as a security.

  • He mentioned this in an interview on CNBC's 'Squawk Box' today.

• Annie

  • That's good to know.

  • Does this mean Bitcoin is in the clear?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Not entirely.

  • While Bitcoin is not considered a security, Gensler criticized the cryptocurrency industry's widespread disregard for existing regulations.

• Annie

  • Hmm, so there's still some tension.

  • What about Ethereum?🤔

  
• 

  Kang-hoon

  • Ethereum's regulatory environment is even more ambiguous.

  • The SEC has not clarified whether Ethereum is a security, which has kept Ethereum-based projects under scrutiny.

  • 
• Annie

  • That sounds confusing.

  • Are there any specific companies under investigation?

  
• 

  Kang-hoon

  • Yes, the SEC is investigating companies in the Ethereum ecosystem, including Consensus and Uniswap.

  • Despite approving an Ethereum ETF, the regulatory uncertainty remains.

• Annie

  • Wow, that's a lot of scrutiny.

  • What does Congress think about this?

  
• 

  Kang-hoon

  • Congress has criticized Gensler's approach to regulating Ethereum.

  • Some lawmakers argue that the SEC's handling of cryptocurrency regulation has stifled innovation and created confusion.

• Annie

  • I see.

  • Are there any SEC commissioners who agree with this criticism?

  
• 

  Kang-hoon

  • Yes, other SEC commissioners like Hester Pierce and Mark Uyeda have agreed with the criticism.

  • They believe the regulator has failed to provide clarity despite having the tools to do so.

• Annie

  • So, what's Gensler's defense for his approach?

  
• 

  Kang-hoon

  • Gensler argues that a strong regulatory framework is essential for the future of the crypto industry.

  • He believes that regulation is necessary to protect investors and build trust.

• Annie

  • That makes sense.

  • Did he give any examples to support his argument?

  
• 

  Kang-hoon

  • Yes, he compared the development of cryptocurrencies to other industries, emphasizing that regulation, like 'traffic lights and stop signs,' is essential for progress.

• Annie

  • That's an interesting analogy.

  • So, overall, is this news good or bad for the market?

  
• 

  Kang-hoon

  • In the short term, I would say this news is a negative development.

  • The ongoing regulatory uncertainty, especially around Ethereum, creates instability and confusion in the market.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.