Gary Gensler Speaks To The European Parliament On Bitcoin And Crypto Regulation

Today, the Chairman of the U.S. Securities and Exchange Commission, Gary Gensler, delivered remarks before the European Parliament which equated Bitcoin to the early internet in terms of world-paradigm-shifting technology.

Speaking virtually, Gensler told the European Parliament’s Committee on Economic and Monetary Affairs that Bitcoin is effectively bringing European and American markets closer together, The Block reported.

“I think the transformation we’re living through right now could be every bit as big as the internet in the 1990s,” Gensler said.

The SEC chairman also highlighted the fact that Bitcoin is borderless and its markets do not shut down: “It operates 24 hours a day, 7 days a week.”

Gensler’s speech before the parliament was a notable attempt to connect the U.S. Bitcoin and fiat regulatory interests both to the larger global financial markets.

“Our global markets are inextricably linked, with money flowing between them in microseconds. New financial technologies continue to change the face of finance for investors and businesses. I know that topic interests this Committee,” he said.

Speaking of the advent of Bitcoin and cryptocurrency, Gensler commented, “This innovation has been and could continue to be a catalyst for change in the fields of finance and money.”