Gary Gensler, the chair of the United States Securities and Exchange Commission (SEC), has faced scrutiny recently for his approach to regulating cryptocurrencies. He has been accused of not providing clear guidelines for digital assets while his agency takes action against prominent crypto entities such as Coinbase and Binance for listing potentially unregistered securities.
Critics argue that Gensler’s approach is stifling the crypto industry’s growth, with opinions varied over his approach. To capture Gensler’s perspective on Bitcoin (BTC), Finbold sought insights from the artificial intelligence (AI)-powered platform, ChatGPT, which presented Gensler’s views as a rap song.
Interestingly, the rap lyrics supported Bitcoin, which partly contradicts the SEC and Gensler’s stance on the cryptocurrency market. In the first verse, Gensler emphasized the song’s supposed theme by acknowledging that Bitcoin has made the market go wild.
The chorus stressed Bitcoin’s status as digital gold, highlighting its comparison to the precious metal as a potential store of value and hedge against inflation.
It also acknowledges that Bitcoin has made investors wealthy, but it cautions about the associated risks and the importance of regulating the asset.
“Bitcoin, Bitcoin, the digital gold, But it’s a wild ride, so I gotta be bold. Investors getting rich, but risks are high, Gotta regulate this game, gotta give it a try,” the chorus reads.
Bitcoin’s revolutionary nature
In the second verse, ChatGPT proposes that Gensler would rap about Bitcoin’s decentralized nature and the revolutionary approach but also delves into its associated risks. The verse addresses issues such as market manipulation and fraud while emphasizing the importance of safeguarding investors.
Moving to the fourth verse, Gensler would purportedly raps about the crucial need for transparency in the crypto sector and the necessity of regulations. However, the verse also acknowledges the significant innovations brought about by the industry.
“Transparency is key, we need regulations in place, AML and KYC, gotta maintain the pace. I’m all for innovation, but let’s not forget, We need safeguards in this crypto asset,” the fourth verse reads.
In the final verse, the emphasis is on Gensler’s mission to educate the masses about Bitcoin and cryptocurrencies. It is suggested that Gensler would rap about the importance of this mission. The verse would also touch upon the role of lawmakers in shaping rules that promote fairness in the crypto sector, according to the tool’s analysis.
For the bridge, ChatGPT envisions a Gensler rap song on Bitcoin that provides a general overview of the sector. The lyrics highlight the immense potential of blockchain technology and call for unity among players in the crypto industry to create a safer space while embracing innovation and protecting investors.
Crypto is here to stay
In the outro, ChatGPT suggests that Gensler would emphasize the permanence of the crypto space, reinforcing the idea that it is here to stay.
“So remember, my friends, crypto’s here to stay, But we must proceed with caution, every single day. Gary Gensler and the SEC, we’re on the case, To ensure a thriving market with a solid embrace,” reads the outro.
Indeed, Gensler’s approach to crypto regulation has also caught the attention of lawmakers. As reported by Finbold back in April, Gensler was grilled by the US House of Representatives Financial Services Committee over practices in the sector.
