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October 31, 2023

SEC Chairman Acknowledges Satoshi Nakamoto's Impact on Crypto Revolution

Natasha Fernandez
Written byNatasha FernandezWriter
Researched byNikos PapadopoulosResearcher

Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), has joined crypto proponents in congratulating Satoshi Nakamoto on the 15th anniversary of the publication of the Bitcoin (BTC) Whitepaper.

SEC Chairman Acknowledges Satoshi Nakamoto's Impact on Crypto Revolution

Recognizing Revolution Started by Satoshi Nakamoto

As the overseer of the broader financial market in the US, Gary Gensler acknowledges the significant role played by Satoshi Nakamoto in starting the crypto revolution that we have today. In a post on X, the SEC Chair expressed his appreciation, saying:

ā€œIf Satoshi Nakamoto went as Satoshi Nakamoto for Halloween, would we be able to tell? Happy 15th anniversary to Satoshiā€™s famous white paper that started crypto.ā€

Since the introduction of the Bitcoin Whitepaper, the crypto market has grown exponentially, with a total market capitalization of $1.27 trillion. This market now includes over 20,000 altcoins, thousands of Non-Fungible Tokens (NFTs), and various Decentralized Finance (DeFi) protocols. While Bitcoin was the catalyst for this thriving ecosystem, it has expanded far beyond BTC.

SEC's Fight Against Fraud in the Crypto Industry

Over the past few years, the SEC has been actively combating fraud in the crypto industry and has filed lawsuits against several crypto businesses. However, some industry experts argue that these actions are a witch hunt. One notable case is the Ripple lawsuit filed by former SEC Chair Jay Clayton.

Although the Ripple lawsuit is still ongoing, there have been some positive developments for the company. The charges against its executives have been dropped, and XRP has been declared a non-security by Judge Analisa Torres. Despite these outcomes, Gary Gensler, in his latest post, still emphasizes the importance of crypto firms complying with securities laws.

Industry Demand for Bitcoin Spot ETF Approvals

Many crypto enthusiasts have taken to Gary Gensler's timeline to express their demands from the SEC. One of the key demands is the approval of Bitcoin spot Exchange-Traded Fund (ETF) applications, a product that industry players have been pursuing for the past decade.

According to SEC Chair Gensler, the agency is currently reviewing approximately 8 to 10 applications. Among the firms awaiting feedback are BlackRock, Fidelity, Ark Invest, and Bitwise. This time, the caliber of applicants, including BlackRock with a successful track record of securing approvals, and pressure from lawmakers, may influence the SEC's decision.

With Gary Gensler recognizing Satoshi Nakamoto and the significance of the Bitcoin Whitepaper, there is a possibility that he may pave the way for the next phase of market evolution through the approval of Bitcoin spot ETFs.

About the author
Natasha Fernandez
Natasha Fernandez
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Natasha "CryptoQueen" Fernandez bridges the gap between blockchain buzz and casino charisma. From New Zealand's serene landscapes to the volatile world of crypto, she's making waves in the online gaming sphere. With CryptoCasinoRank, she paints a future where chips meet chains seamlessly.

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