SEC's Gensler Wishes Bitcoin Whitepaper "Happy Sweet Sixteen" But Reiterates Regulation By Enforcement

SEC Chair Gary Gensler has paid tribute to the Bitcoin whitepaper's 16th anniversary but reminded the industry of the importance of regulation

, and Blockhead

23 October 2024 . 5:30 PM

2 min read

United States Securities and Exchange Commission (SEC) Chair Gary Gensler has tipped his hat to the Bitcoin community while emphasising the importance of regulating the crypto industry.

Just like Donald Trump wishing Kamala Harris a happy birthday during his recent McDonald's stunt, pleasantries can still be exchanged between adversaries.

Appearing in an interview with Bloomberg, Gensler acknowledged the anniversary of the Bitcoin whitepaper, wishing it a "happy sweet sixteen in a week."

However, Gensler's warmth towards the industry was short-lived as the SEC chair quickly told the Bloomberg host about enforcing strict regulations.

"There’s nothing incompatible between ledger technology and the securities laws," he said. "It's important that in the securities markets that investors get the proper disclosure. We're going to continue to do that at the SEC. If the market is going to have trust it also needs to come into compliance. A lot of people have lost money."

"Many investors have lost money in this field because the fundamental disclosures around projects and investment contracts were lacking," Gensler continued. "It's a field that has had a lot of conflicts in the middle of it."

Last month, Gensler was described as the "most destructive" SEC chair by Republican congressman Tom Emmer for his handling of the Debt Box case. Presidential candidate Trump has pledged that he would forcibly fire Gensler from his position if he were to be elected.

Bitcoin's white paper was released sixteen years ago on 31 October 2008 by Satoshi Nakamoto. The first Bitcoin transaction occurred on 3 January 2009, known as Genesis Block Day.

A recent HBO documentary, Money Electric: The Bitcoin Mystery, identified Satoshi as Pete Todd. The Canadian developer has since denied the claims and said he fears for his life since the documentary aired.

“If you assume a sophisticated enough Satoshi, practically any theory is possible,” said Todd. “It's a useless question, because Satoshi would simply deny it.”