Gary Gensler, chair of the U.s. Securities and Exchange Commission, or SEC, believes that the blockchain revolution started past Satoshi Nakamoto in 2008 is more than than but a fad, just a real value proffer for the future of the internet.

In an interview with the Aspen Security Forum on Tuesday, Gensler talked almost his office at the Massachusetts Institute of Technology, where he taught almost the intersection of finance and technology:

"[...] in that piece of work I came to believe that though there was a lot of hype masquerading as reality in the crypto field, Nakamoto's innovation is existent."

Gensler noted that, while some within the public sector wish that cryptocurrency would simply become away, the engineering science probable has a big office to play in the future of finance.

"I really do call back there's something real about the distributed ledger applied science, moving value on the cyberspace," he said.

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Some within the crypto customs took Gensler's comments to mean that he's studied the entire field of blockchain and concluded that Bitcoin is the just real innovation. A transcript of Gensler'southward address to the Aspen Security Forum appeared to be hyper-focused on the Bitcoin (BTC) white paper published by Satoshi Nakamoto more than a decade agone.

"At its core, Nakamoto was trying to create a private form of money with no central intermediary, such as a fundamental banking concern or commercial banks," Gensler said in his remarks. Although he best-selling that no single cryptocurrency broadly fulfills all the functions of public currencies similar the dollar, he said assets like Bitcoin provide a different value proposition:

"Primarily, crypto avails provide digital, scarce vehicles for speculative investment. Thus, in that sense, 1 can say they are highly speculative stores of value."

After being confirmed by the Senate Banking Commission in April of this year, Gensler assumed the role as SEC chair in June, replacing the outgoing Jay Clayton, whose term expired the same month. Gensler's five-year term is scheduled to last through 2026. He believes in creating a "robust" regulatory framework for cryptocurrencies in the United States, especially in emerging DeFi markets such equally lending.

Related: SEC Chair wants robust crypto regulatory regime for the Us