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SEC’s Gensler Calls Stablecoins ‘Poker Chips’ at the Wild West Crypto Casino

The SEC chair also compared the crypto boom to the Wildcat banking era of the 19th century, saying that “history tells us that private forms of money don’t last long.”

WASHINGTON, DC - SEPTEMBER 14: Gary Gensler, Chair of the U.S. Securities and Exchange Commission,  testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the SEC on September 14, 2021 in Washington, DC. (Photo by Evelyn Hockstein-Pool/Getty Images)
WASHINGTON, DC - SEPTEMBER 14: Gary Gensler, Chair of the U.S. Securities and Exchange Commission, testifies before a Senate Banking, Housing, and Urban Affairs Committee oversight hearing on the SEC on September 14, 2021 in Washington, DC. (Photo by Evelyn Hockstein-Pool/Getty Images)