Everything other than bitcoin, you can find a website, you can find a group of entrepreneurs, they might set up their legal entities in a tax haven offshore, they might have a foundation, they might lawyer it up to try to arbitrage and make it hard jurisdictionally or so forth.
-Gary Gensler, Chair of the U.S. Securities and Exchange Commission
Dear Readers,
Both the Bitcoin and “Crypto” spaces are no stranger to drama; however, the recent firestorm that began after Gary Gensler spoke the words quoted above in a recent interview was likely unanticipated by most people. In one short quote, he seemed to nearly perfectly convey the primary reason why Bitcoin is not crypto, and crypto is not Bitcoin.
Both sides were quick to take up arms, at least verbally, in support of or in opposition to him and his statement. Many Bitcoiners lauded him for confirming what they’ve been saying for years, seemingly with the backing of one of the most powerful regulators in the world. Meanwhile, many in the “Crypto” space were quick to come out against his apparent decision to pick a winner and losers.
