Bitcoin falls as SEC chairman warns on fraud and manipulation

Gensler called bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term a commodity but I don't think that's anything new. I believe this was the key comment from SEC Chairman Gary Gensler on CNBC:

"There's a lot of risk in crypto but there's also risk in classic securities markets. Difference is there's no rules or disclosures in the former to protect from fraud and manipulation," he said.

Gensler added that crypto needs 'full and fair transparency'. He was referring to stablecoins there, which he compared to money market funds. The thinking there is that he wants the same kind of disclosures in stablecoins as money market funds.

The comments highlight how unlikely it is for the SEC to approve a bitcoin ETF any time soon.

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