Some traders appear resigned to the fact that further downside may lie ahead.
Jitters have spread throughout global markets amid concerns that the company was struggling to keep up with interest payments — but on Wednesday, reports suggested that it had made a deal with some of its debtors.
Details are thin over how wide-reaching this agreement is, meaning it may do little to assuage the fears of investors.
‘People Get Hurt’
During the discussion, he likened stablecoins to “poker chips at the casino,” and warned people will get hurt without stronger oversight:
“I think there's just a lot of kind of warning signs and flashing lights that we might have a spill in aisle three, and I'd rather get ahead of it.”
Gensler said that he believes Bitcoin’s whitepaper, authored in 2008, was innovative in some ways — but this has resulted in an asset class that’s highly speculative.