The nomination of Gary Gensler as chair of the Securities and Exchange Commission hit a roadblock in the Senate this week as Gensler asked if he could be paid in Bitcoin.
“Nothing against the dollar or anything,” said Gensler to the Senate Banking, Housing, and Urban Affairs Committee hearing, “but Bitcoin is here to stay.”
Stating that the digital currency is “the future of money,” Gensler told the hearing audience that “Bitcoin provides the only realistic alternative to fiat money” and that the Committee members should “have fun being poor” if they don’t hop on the bitcoin train.
“Laser eyes,” added Gensler.
Gensler’s request met with fierce opposition from Republicans. U.S. Senate Banking Committee Ranking Member Pat Toomey (R-PA) questioned Gensler’s choice of Bitcoin over Tesla options. “I mean, electric cars are the future. That’s not even debatable,” said Toomey. “Maybe you’re the one who should have fun being poor.”
Toomey drew fire from Democrats, however, when he read several comment threads from Twitter extolling the virtues of the new Model Y and showed a 25-minute SpaceX highlight video, which Banking Committee Chair Sherrod Brown (D-OH) described as “a bunch of weak bullshit. Bitcoin has nowhere to go but up and everybody knows it.”
Additionally, Brown dismissed claims that he was using free electricity in his Senate offices for a bitcoin mining rig as “baseless accusations by Tesla fanboys. Hop on the blockchain train, boys… plenty of room left on the bandwagon!”