Impact

Gary

<p>The post <a href="https://coinpedia.org/news/gary-genslers-past-acknowledgment-of-xrps-impact-on-cross-border-payments-revealed/">Why Did Gary Gensler Do a U-Turn on Cryptocurrency?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a surprising twist, <a href="https://coinpedia.org/news/us-regulatory-headwinds-put-xrp-at-risk-says-ripple-ceo/">Gary Gensler</a>, the current head of the U.S. <a href="https://coinpedia.org/news/tom-emmers-amendments-against-sec-enforcement-abuses-pass-house-with-ease/">Securities and Exchange Commission (SEC)</a>, known for his strict stance on blockchain and cryptocurrencies, was once a fan of Ripple’s XRP. Picture this: in 2018, at a discussion about how blockchain impacts finance, Gensler praised XRP for making cross-border payments smoother.</p> 
<h2 class="wp-block-heading" id="h-gensler-s-2018-vision">Gensler’s 2018 Vision</h2> 
<p>That same year, Gensler had a chat with Jo Marie Griesgraber from the nonprofit “New Rules for Global Finance.” They talked about how blockchain could change international money transfers. Griesgraber pointed out the high costs and problems with sending money between less developed countries.</p> 
<p>Breaking it down, Gensler, always separating Bitcoin from the broader use of blockchain, stressed the need for a “bridge currency” in cross-border deals. He thought stablecoins, tied to regular currencies or cool digital assets like XRP, could be the key to easy global money transfers.</p> 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="The Impact of Blockchain Technology on Finance" width="1220" height="686" src="https://www.youtube.com/embed/v0zAadukczY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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<h4 class="wp-block-heading" id="h-well-what-happened-now">Well…What Happened Now?</h4> 
<p>Now, Gensler’s time as the SEC boss looks pretty different from his past support for XRP. This is interesting, especially considering the SEC is in a legal battle with many crypto firms. Gensler’s old views show how tricky it is to regulate blockchain in the world of traditional finance.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/john-deatons-advice-on-handling-sec-chair-gary-genslers-actions/">John Deaton’s Advice on Handling SEC Chair Gary Gensler’s Actions</a></p> 
<h2 class="wp-block-heading" id="h-slamming-gensler-s-sec-leadership">Slamming Gensler’s SEC Leadership</h2> 
<p>In the middle of all this, U.S. Representative Warren Davidson is against Gensler leading the SEC. He’s using the recent SEC actions against Kraken as a reason to get rid of Gensler. Davidson’s SEC Stabilization Act not only wants to change how the SEC works but also wants to rethink Gensler’s role.</p> 
<p>So, to sum it up, Gensler once thought XRP could make global money transfers cheaper and easier. Now, as the SEC boss, things have changed. This shift from being a fan to being a rule enforcer shows how complex the world of crypto and blockchain can be. </p> 
<p><strong>What are your thoughts on Gary Gensler’s changing stance on XRP?</strong></p>

Why Did Gary Gensler Do a U-Turn on Cryptocurrency?

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