SEC chair compares stablecoins to casino poker chips

Read the full article by: Turner Wright

"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.

Stablecoins have consistently been in the headlines for months, due to regulatory FUD, and once again they’re being targeted. This time by the SEC’s Gary Gensler, in the past Mr. Gensler has called cryptocurrencies a “Wild West”, and speaking with The Washington Post on Tuesday, he reiterated “Stablecoins are almost acting like poker chips at the casino right now,” “We’ve got a lot of casinos here in the Wild West, and the poker chip is these stablecoins at the casino gaming tables.”. While it's a confusing statement, and some may interpret it as a sign of bad news, I see it as a slight towards himself, the wild west was a time of lawlessness, yes, but also a time of innovation & learning when to let the past die. I got news for the SEC, we're not the cowboys trying to hold onto a dead lifestyle. We're sheriffs, regulating our own towns and moving the world into a brighter future.