Bitcoin BTC/USD is trading higher Wednesday after United States Securities and Exchange Commission Chief Gary Gensler made positive comments regarding crypto regulation on CNBC's "Squawk Box."
The lack of cryptocurrency regulation isn't a good thing for the advancement of crypto technology, Gensler said. If Bitcoin is going to meet its potential, it needs to be regulated, he added.
Gensler noted that he is pro-innovation, but said that rules need to be put in place to protect investors from fraud and manipulation.
Bitcoin is the world's first decentralized digital currency. Bitcoin uses peer-to-peer technology to transfer the cryptocurrency between users.
Price Action: Bitcoin traded as high as $64,788 this year before pulling back significantly. It bounced from its lows recently and is currently up 35.42% year-to-date.
At last check Wednesday, Bitcoin was up 2.98% at $39,248.
See also: How to Buy Bitcoin (BTC)
Photo by SnapLaunch from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
