The Most Hated Figure In Crypto Community Wishes Bitcoin Whitepaper A Happy 15th Birthday

SEC Chairman Gary Gensler wishes the Bitcoin Whitepaper a happy 15th anniversary. (Photo; Doc. Moonstats)

JAKARTA - Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), also celebrated the 15th anniversary of the Bitcoin Whitepaper written by Satoshi Nakamoto. As watchdog of the US financial markets, Gensler acknowledged the impact of the crypto revolution sparked by Satoshi Nakamoto and celebrated this milestone.

Information only, the Bitcoin whitepaper is a document containing the basic concepts of electronic money, decentralization, blockchain, and peer-to-peer transactions. The Bitcoin whitepaper itself was released by Satoshi Nakamoto on October 31 2008, a year after Bitcoin.

In a post on the X platform, Gensler showed his appreciation for Satoshi Nakamoto's important role. He said, "If Satoshi Nakamoto dressed up as Satoshi Nakamoto for Halloween, would we know? Happy 15th birthday to Satoshi's white paper that started the crypto era."

If Satoshi Nakamoto went as Satoshi Nakamoto for Halloween, would we be able to tell?

Happy 15th anniversary to Satoshi’s famous white paper that started crypto.

Any crypto companies that are tricking investors should start treating them to compliance with the securities laws.

— Gary Gensler (@GaryGensler) October 31, 2023

Since the publication of the Bitcoin Whitepaper 15 years ago, the crypto asset market has grown rapidly to reach a value of around $1.27 trillion (equivalent to IDR 20.2 quadrillion). The current crypto ecosystem involves not only Bitcoin, but also more than 20,000 altcoins, thousands of Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi) protocols.

Even though the crypto market has grown rapidly, the SEC remains active in dealing with fraud and violations in the industry. A number of crypto companies have faced lawsuits from the SEC, sparking controversy. One famous case is the lawsuit against Ripple filed by former SEC Chairman Jay Clayton.

Although the Ripple case is still ongoing, several positive developments have occurred. One of them is the dismissal of charges against company executives and the recognition of XRP as a non-securities asset by Judge Analisa Torres. However, in his latest upload, Gary Gensler emphasized that crypto companies must comply with securities laws.

The crypto industry has long hoped that the SEC would grant approval for a spot Bitcoin Exchange-Traded Fund (ETF). Currently, approximately 8 to 10 ETF applications are under review by the SEC.

A number of leading investment firms such as BlackRock, Fidelity, Ark Invest, and Bitwise have submitted Bitcoin ETF proposals. Until now, US regulators are still considering the proposal. The two main factors that will influence the decision are the reputation of the applicant company and pressure from lawmakers who support the approval of a Bitcoin ETF.