Bitcoin is a competitor to the American banking system as it is an autonomous alternative. This was stated at the DACOM 2021 summit by Gary Gensler, head of the SEC (US Securities and Exchange Commission).

To effectively combat money laundering, the maximum reforms of the US banking system were carried out in the 1980s. The autonomy of the first cryptocurrency threatens the built system and contradicts the interests of the Commission.

The head of the SEC also announced the requirements for organizations to issue bitcoin ETFs. According to him, companies must register, provide protection to investors, storage and maximum transparency.

Speaking to the government in October 2021, Gary Gensler announced that the US Securities and Exchange Commission would not impose any bans on cryptocurrencies, clarifying that such decisions should be made by Congress.