March 5, 2024

Canadian MP urges community to study Bitcoin, cites Gensler’s pre-SEC stance

Lightbound disclosed that he owns Bitcoin himself but won’t advocate for people to buy it but rather study it.

On the 15th anniversary of Bitcoin white paper release, Canadian Member of Parliament (MP) Joël Lightbound took the opportunity to thank the pseudo-anonymous creator Satoshi Nakamoto on the floor of the Canadian parliament while advocating for people to study Bitcoin.

During his speech on the parliament floor, Lightbound disclosed that he owns Bitcoin himself but won’t advocate for people to buy it but rather study it. He added that Bitcoin was created at a time of financial crisis, and over the years, it has become a tool to empower the underbanked and those living in oppressive regimes.

“Bitcoin has helped thousands of families avoid the tragedy of currency debasement. It stands for the truly progressive ideal. So today, let me thank Satoshi Nakamoto, whoever that may be and wish a happy 15th anniversary to the Bitcoin whitepaper,” said the Canadian MP.

During his speech, the MP cited two key quotes, one from the former Twitter CEO and bigtime Bitcoin advocate Jack Dorsey and another from the United States Securities and Exchange Commission (SEC) chief Gary Gensler, which came as a surprise to many given Gensler’s hostile crypto approach after becoming the SEC chief. However, it is important to note that the quote cited by the MP is from 2019 when he was not the SEC chief.

Gensler, in an opinion piece in 2019, has written that although there Are thousands of projects in the crypto ecosystem, the one created by Satoshi Nakamoto has the potential to spur change – “either directly or indirectly as a catalyst. The potential to lower verification and networking costs is worth pursuing, particularly to lower economic rents and data privacy costs and promote economic inclusion.”

Related: There are now nearly 40M Bitcoin addresses in profit — A new record

Gensler also tweeted on the 15th anniversary of Bitcoin white paper wishing Satoshi Nakamoto. Still, at the same time, he did include a compliance message suggesting any “crypto companies that are tricking investors should start treating them to compliance with the securities laws.”

Prior to his stint as the SEC chief, the crypto community was quite positive about Gensler’s appointment, given his crypto teaching background. However, his stint as the SEC chief has been replete with controversies and disappointment for the crypto community.

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