On September 23, at a virtual event hosted by the Washington Post recently, Gary Gensler, chairman of the US Securities and Exchange Commission, compared cryptocurrencies with past financial movements.
He said that thousands of digital currencies are like the so-called Wildcat Bank era in the United States from 1837-63. During this historical period, without federal bank supervision, banks sometimes issued their own currencies. Gensler said that due to the wide variety of currencies, he does not see the long-term sustainability of cryptocurrencies. In addition, he also emphasized the importance of investor protection and regulatory supervision. In addition, Michael Hsu, Director of the Comptroller of the Currency, likened the cryptocurrency industry to credit derivatives before the 2008 financial crisis.
Post time: Sep-23-2021