SEC Chair Gary Gensler testifies during Senate Hearing on crypto
As we speak, the crypto, faithful, are surely tuning in, as gensler has been making the rounds and sharing his views on the industry. Yellow finances cryptocurrency reporter david hollerith is here with more uh david good to see you here this morning. So take us through this uh. What is the, how is gensler being viewed right now in the crypto community? Yeah, hey brian well, so his message uh essentially his remarks for this testimony have been um that you know crypto is the wild west and buyers should be aware. So i think a lot of people in the cryptocurrency uh uh space. You know theyre theyre a little bit weary, because for for years you know they have wanted more regulation, more clarity as they move on to try and launch these products and obviously theyre. You know its a its a 2 trillion dollar industry now and um. You know, theyve been theyve, spent a lot of time, uh moving these products very fast and in the last year you know weve seen this industry grow. So much that you know really. I think theres a lot of question around the regulatory framework, so yeah yeah. Most definitely a lot of attention of being patients. You know it strikes me david as we watch this start to watch this uh this hearing. A lot of these hearings that you see on the hill. Nothing really comes with them right, theyre, just a sort of a discussion, their chance for members of congress to grandstand for lack of a better word, and then nothing happens in this case.
However, because gensler has the force of a regulator because he has sort of cloud in the industry, you could actually see him sort of signaling to the market. Various things in his comments. Do we have any inkling of of what he could say and what he could signal, um yeah sure its? So you know, i think a lot of people do expect these uh sort of hearings to be very rhetorical. Um and uh. You know again, chair ginsler has hes laid out what he said and and hes saying that its the wild west and somebody needs to come in and do something, and you know i, i think the question that a lot of uh a lot of members of congress Will probably uh pose back to him as whether or not it needs to be the sec regulating all of the cryptocurrency space? So i i think a great example are um the exchanges um. Now. Last week we saw uh coinbase coinbases, ceo brian armstrong, sort of came out about um having you know what he, what he called over twitter as sort of a sketchy interaction with the sec, and they were going after lending. Products which are are you know much more? Arguably, in the lens of the sec, but i think the question a much larger question around stable coins or these exchanges that have you know, theyre completely unregulated and they have a lot of volume that you know arguably could be fake.
Theres been research that shows that, and i think that a lot of regulators are sort of looking at each other and theyre trying to understand whos supposed to be responsible for that. So so i think that uh ginzar will be hell, be asking for more resources, um and itll be interesting to see congresss reception, david, real, quick unrelated to this uh arc, invest kathy wood. I think garnering some headlines on comments she made about bitcoin yesterday. Looking for a price eventually of 500 000, you know as someone who covers the crypto space, do those type of comments by an influencer like a like a kathy would does that still move markets i mean yeah, i i think it. I think it does uh its a its a its a much larger market, if were just thinking about bitcoin than it was. You know a year ago or even a few months ago, but if we think about, may you know elon musks situation tended to you know. Most people agree him saying that tesla would no longer accept uh bitcoin because of its environmental impact. I think that you know, i think a lot of people agree that that has moved markets along with sort of news out of china. So it is still a very uh new market in a way, and – and you know compared to you – know something like the stock market, we you expect to see obviously very volatile moves um.
So you know, i think, uh something like kathy wood coming out and saying something like that. Um can definitely have positive ramifications: um uh for the crypto space um, but its hard to tell because theres so many other um influencers. If you will who are at play and uh, you know, i think gary gensler has become a quite quite the character and influencer in the crypto space. Um hate him or love him. If elon musk is number one crypto influencer gary gensler is certainly right there.