Biden’s SEC Nominee Sigalos Says Bitcoin May Be a ‘Store of Value’
President Joe Biden’s nominee to lead the Securities and Exchange Commission told CNBC on Thursday that he believes bitcoin could be considered a “store of value.”
Gary Gensler, a former Goldman Sachs banker and Obama-era regulator, said bitcoin “appears to have some of the attributes” of a store of value, which is an asset that holds its value over time.
“It’s distinct from something that can be used more broadly as a medium of exchange,” Gensler said in an interview with “Squawk Box.” “It’s digital gold.”
Gensler’s comments come as bitcoin has surged in value, reaching a record high of nearly $60,000 earlier this month. The cryptocurrency has been boosted by increased institutional interest, as well as the launch of several bitcoin exchange-traded funds.
Gensler’s nomination to lead the SEC is still pending before the Senate. If confirmed, he would oversee the agency’s regulation of cryptocurrencies, which have become increasingly popular in recent years.
Gensler’s comments on bitcoin are a sign that the SEC is taking a more open-minded approach to cryptocurrencies. In the past, the SEC has taken enforcement actions against companies that have been involved in cryptocurrency scams. However, the agency has also indicated that it is willing to work with companies that are developing legitimate cryptocurrency products and services.
Gensler’s nomination is seen as a positive sign for the cryptocurrency industry. He is known as a thoughtful and experienced regulator who is willing to engage with new technologies. His comments on bitcoin suggest that he is open to the possibility that cryptocurrencies could play a legitimate role in the financial system.
However, Gensler also warned that cryptocurrencies are still a “Wild West” and that investors should be careful before investing in them.
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