- Schiff anticipates SEC Chair Gensler to introduce new crypto regulations.
- Predicts a substantial increase in Bitcoin transaction costs.
- Expects a sharp decline in Bitcoin’s price.
- Focus on AML regulations rather than securities law.
Economist Peter Schiff forecasts a turbulent period for Bitcoin, speculating that SEC Chair Gary Gensler will soon implement stringent regulations, particularly targeting anti-money laundering (AML). Schiff suggests that this move, triggered by the recent spot bitcoin ETF approval, might lead to a significant rise in Bitcoin transaction costs, eroding its practical utility and resulting in a pronounced price drop.
User Reactions and Counterarguments: Schiff’s predictions sparked varied reactions, with users questioning Gensler’s authority over Bitcoin transaction costs. Some emphasized Gensler’s classification of Bitcoin as a commodity, making it challenging for the SEC to regulate. The debate also delved into the SEC’s role in enforcing securities laws versus broader AML regulations overseen by agencies like FinCEN.