US SEC Chair Admits The Sophistication Of Blockchain Technology Initiated By Satoshi Nakamoto Could Be Useful In The Future

SEC chairman acknowledges the sophistication of blockchain technology initiated by Satoshi Nakamoto (Cryptonewz)

JAKARTA – The inventor of Bitcoin, Satoshi Nakamoto, has initiated blockchain technology since 2008 as the basis for cryptocurrencies. Apparently this was responded by the head of the US Securities and Exchange Commission (SEC), Gary Gensler recently. He argues that the blockchain revolution generates real value for the future internet world. The statement was delivered by Lansler on Tuesday, August 3, 2021.

On the sidelines of his conversation with the Aspen Security Forum, he discussed his role as a lecturer on finance and technology at the Massachusetts Institute of Technology.

“In that work I came to believe that despite a lot of hype masquerading as reality in the crypto space, Nakamoto's innovation is real.”

He also believes that some of the public want crypto to just disappear. However, Gensler revealed that technology in the future will have a dominant role, especially in the financial sector.

"I really think there's something tangible about distributed ledger technology, driving value across the internet," the SEC chairman said.

With this statement, a number of crypto communities argue that Gensler has studied blockchain technology and concluded that Bitcoin is a real innovation in the future of finance. The discussion with Aspen seems to focus on the Bitcoin whitepaper that Satoshi Nakamoto designed decades ago.

“At its core, Nakamoto is trying to create a private form of money without a central intermediary, such as a central bank or commercial bank,” Gensler said as quoted by Cointelegraph.

On the other hand, Gensler also mentioned that until now there is no crypto currency that is able to function like a public currency like the dollar. He argues that the Bitcoin crypto asset simply provides a different value proposition and its value is highly speculative.

“In particular, crypto assets provide a rare digital vehicle for speculative investment. So, in that sense, one could say that they are highly speculative stores of value.”

In April, Gensler was appointed chairman of the US SEC. He took up the role last June, replacing Jay Clayton, who left office that same month. Gensler will lead the SEC until 2026. The SEC is currently resolving the issue with XRP at the court.