Cryptocurrencies Under the Microscope

In 1908, there were 253 automobile manufacturers in the world. Today, about 20.

There are more than 7,000 cryptocurrencies in existence as of November 2021.

If you don’t see a comparison, don’t worry, the new Chairman of the Securities and Exchange Commission does.

Mr. Gensler, a former professor of blockchain technology at MIT, has likened the cryptocurrency wave to “wildcat” banking in the years before the Federal government created the Office of the Comptroller of the Currency.

Back then, banks made their own paper money.

His view is that it just won’t work.

He has likened stablecoins (digital assets tied to the US dollar) to casino gambling and has urged cryptocurrency exchanges to register under the Securities Exchange Act of 1934.

The urging has come with threats of prosecution.

And the large companies like Binance are taking notice, putting a full page ad in today’s Washington Post, noting that regulation is coming.

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• Source: https://jeffkoeppel.wordpress.com/2021/11/17/cryptocurrencies-under-the-microscope/