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SEC chair compares stablecoins to casino poker chips

"We’ve got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables," said Gary Gensler.

U.S. Securities and Exchange Commission Chairman Gary Gensler doubled down on his "Wild West" metaphor for cryptocurrency, calling it a stablecoin tool for gambling in old casinos.

In an interview with Washington Post columnist David Ignatius on Tuesday, Gensler said most projects in the cryptocurrency sector cover securities that fall within the SEC's regulatory scope, while the Commodity Futures Trading Commission (CFTC) is better suited for enforcement by other agencies. The SEC chairman described the powers of the two agencies as "strong" but said there were differences in coverage, especially for Stablecoin, "which may have the properties of an investment contract."

"Stablecoin is acting like a poker chip in a casino right now," Gensler said. "There are a lot of casinos here in the Wild West, and poker chips are stablecoin on the casino game table."

With regard to the regulation and enforcement of stablecoins, Gensler hinted that both the SEC and CFTC would receive "parliamentary help." But the laws currently in force are seemingly broad in dealing with modern financial instruments such as cryptocurrencies, according to the SEC chairman.
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Thursday, October 12, 2023

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