8 months ago
Economist and golden bug Peter Schiff has predicted that U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler “will soon present caller onerous crypto regulations” that volition effect successful “a crisp decline” successful the terms of bitcoin. Schiff expects the caller regulations to absorption connected anti-money laundering (AML) alternatively than securities law.
Peter Schiff’s Crypto Predictions: Onerous Regulations, Sharp Bitcoin Price Decline
Economist and golden bug Peter Schiff, a vocal bitcoin skeptic, has shared his predictions connected crypto regulations and BTC’s terms outlook pursuing the U.S. Securities and Exchange Commission (SEC)’s approval of spot bitcoin exchange-traded funds (ETFs). He wrote connected societal media level X Tuesday:
Since Gary Gensler was backed into a country connected spot bitcoin ETF approval, I deliberation helium volition soon present caller onerous crypto regulations that volition substantially summation the outgo of Bitcoin transactions, further undermining its ‘use’ case, resulting successful a crisp diminution successful price.
Gensler antecedently stated that astir crypto tokens, different than bitcoin, are securities. Noting that the SEC president “may adjacent alteration his caput connected bitcoin,” Schiff stressed successful a follow-up post: “My thought is that caller regulations volition subordinate to AML, not securities law.”
Many users connected X replied to Schiff’s posts to explicit their opinions. One emphasized, “I wouldn’t telephone Gensler being required to enactment lawful ‘being backed into a corner.'” Others questioned however Gensler could perchance rise Bitcoin transaction costs. “Gary Gensler controls the Bitcoin mempool?” 1 wrote. Another idiosyncratic opined: “How tin Gary and the SEC summation the outgo of Bitcoin transactions? Are they gonna walk a batch of wealth connected bidding for artifact space?”
Several users highlighted Gensler’s past statements connected bitcoin arsenic a commodity. One mentioned:
Gary Gensler has repeatedly stated that bitcoin is a commodity. It volition beryllium hard for him astatine the SEC to regulate, adjacent the connected ramps and disconnected ramps (unless those connected ramps and disconnected ramps woody successful unregistered securities).
“SEC enforces securities laws and protects investors successful securities,” the aforesaid idiosyncratic noted, adding that anti-money laundering (AML) regulations are covered much broadly by different agencies, specified arsenic the Financial Crimes Enforcement Network (FinCEN).
What bash you deliberation astir Peter Schiff’s predictions regarding Gary Gensler introducing onerous crypto regulations that volition descend the terms of bitcoin? Let america cognize successful the comments conception below.
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