With the release of the Bitcoin whitepaper, Satoshi Nakamoto introduced Bitcoin to the world exactly 14 years ago today.
The chairman of the U.S. tweeted birthday wishes to the whitepaper created under an alias. Gary Gensler, Securities and Exchange Commission (SEC). On October 31 he wrote:
Happy 14th birthday to Satoshi Nakamoto’s whitepaper! It has led to innovation and crypto asset investing. Let’s make sure as crypto enters its 15th year that investors get proper protection.
— Gary Gensler (@GaryGensler) October 31, 2022
At the time this article was written, his tweet had more than 6,300 likes and nearly 3,100 comments.
While some individuals praised him for acknowledging Satoshi Nakamoto's key work, others argued that the SEC chairman doesn't have the best interests of the cryptocurrency industry in mind, and others even accused him of trolling. Several people encouraged Gensler to define cryptocurrency regulation. Some criticized him for not authorizing a bitcoin exchange-traded fund (ETF), while others reminded him that Congress has not given him the authority to regulate the crypto business.
John Deaton, a crypto lawyer and XRP advocate, responded to Gensler:
"Quit acting like you wouldn’t hand Satoshi a subpoena if you could."
Legislators and business leaders have attacked Gensler for his enforcement-focused approach to regulating the cryptocurrency sector. He claimed last month that he had tasked the SEC staff with improving crypto compliance. He wants to create "one rule book" to govern the cryptocurrency industry.
Despite numerous requests for him to clarify cryptocurrency legislation, the SEC chairman has claimed that the law is clear. He has claimed on numerous occasions that whereas the majority of other crypto tokens are securities, bitcoin is a commodity.
