Fun

SEC Chair Gensler Affirms Bitcoin Is a Commodity — ‘That’s the Only One I’m Going to Say’

News Feed - 2022-06-28 09:06:39

SEC Chair Gensler Affirms Bitcoin Is a Commodity — "That"s the Only One I"m Going to Say"


The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says bitcoin is a commodity. He emphasized that the SEC, the Commodity Futures Trading Commission (CFTC), and banking regulators will collaborate to oversee the crypto sector. Gary Gensler: Bitcoin Is a Commodity


SEC Chairman Gary Gensler clarified his position on cryptocurrency, particularly bitcoin, in an interview with Mad Money host Jim Cramer on CNBC Monday.


“This is a highly speculative asset class. We’ve known this for a long time,” Gensler said when asked about cryptocurrency. Citing the “ups and downs of this speculative asset class,” he explained that when people invest in “bitcoin and hundreds of other crypto tokens,” they hope for a return, “just like when they invest in other financial assets” that are securities.


Chair Gensler stressed that many of these “crypto financial assets” have “the key attributes of a security.” He added: “Some of them … are under the Securities and Exchange Commission.” In contrast, citing what his “predecessors and others have said,” he described: Some, like bitcoin, and that’s the only one I’m going to say … are commodities.


The SEC chief noted that besides BTC, he is not going to discuss other crypto tokens specifically.


Gensler’s statement agrees with the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, who said last month that bitcoin (BTC) is a commodity. However, Behnam further said ether (ETH) is also a commodity.


Bitcoin proponents welcome Gensler’s clarification. Digital assets manager Eric Weiss tweeted: “Gensler is the 2nd consecutive SEC Chair to declare that bitcoin is a commodity, making it all but impossible for this classification to be altered in the future. Very significant indeed.”


The pro-bitcoin CEO of Microstrategy, Michael Saylor, opined: “Bitcoin is a commodity, which is essential for any treasury reserve asset. This allows politicians, agencies, governments, and institutions to support bitcoin as a technology and digital asset to grow the economy and extend property rights and freedom to all.” The Nasdaq-listed software company has amassed 129,218 bitcoins for its corporate treasury. SEC, CFTC, Banking Regulators Collaborating on Crypto


Gensler proceeded to comment on the SEC collaborating with other federal regulators to oversee the crypto sector, including the CFTC and banking regulators. He emphasized that many crypto tokens are currently trying to operate in a non-compliant way.


The SEC chief then mentioned stablecoins, noting: There’s work to be done there around stablecoins … There’s a lot of work to be done to really protect the investing public.


Last week, Gensler proposed “one rule book” for the regulation of the crypto sector.


During the interview Monday, Cramer brought up Fidelity Investments allowing bitcoin as an option for 401(k) plans — the decision that has troubled the Labor Department. The Mad Money host asserted that it makes people “feel very comfortable with the asset that is bitcoin.” He asked Gensler, “are we too comfortable” with bitcoin?


“There’s a lot of risk in crypto” and “there’s also a lot of risk in classic securities markets,” Gensler replied, elaborating: In the U.S… we have market regulators like the CFTC and the SEC to help protect the public against fraud and manipulation in the markets.


Gensler added that there are currently thousands of crypto tokens that do not comply with the laws, noting that when a group of entrepreneurs is selling something to the public, there must be “full and fair disclosures.” The chairman stressed: “That’s what the SEC does. That’s what we do really well.” Tags in this story Bitcoin, bitcoin cftc, bitcoin commodities, Bitcoin Commodity, bitcoin securities, btc commodity, btc securities, crypto assets, crypto commodity, ether commodity, SEC, sec bitcoin, sec cftc, sec chair bitcoin, sec chairman bitcoin


What do you think about the comments by SEC Chair Gensler? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. FBI Arrests 2 Men Planning "Violent" Robbery of Bitcoin Worth Millions of Dollars — They Face 20 Years in Prison REGULATION | 6 hours ago Report: Morocco"s Central Bank to Unveil Crypto Regulation Bill Soon REGULATION | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon Next articleFBI Arrests 2 Men Planning ‘Violent’ Robbery of Bitcoin Worth Millions of Dollars — They Face 20 Years in Prison Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Best Altcoins to Mimic Trump’s $57.3M Crypto Income – Price Jumps, Staking, and Other Rewards
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund
Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund In mid-November, a filing registered with the U.S. Securities and Exchange Commiss
Brayden Lindrea4 hours agoAustralian banks claim 40% of scams ‘touch’ crypto as it defends restrictionsDuring a panel at the Australian Blockchain Week, executives from Australia’s major banks explained why they ad
Crypto Economy Spikes More Than 11%, Entire Market Cap Captures Over $800 Billion
Crypto Economy Spikes More Than 11%, Entire Market Cap Captures Over $800 Billion Digital currency markets have seen decent gains this weekend as bitcoin touched
Yashu Gola6 hours agoWhy is the crypto market up today?The crypto market is up today, reflecting market participants’ expectations that the Federal Reserve will not raise interest rates in July after a weak jobs report
Coinsbee Lets You Buy Gift Cards for More Than 500 Brands With Crypto
Coinsbee Lets You Buy Gift Cards for More Than 500 Brands With Crypto Coinsbee is a platform for buying gift cards with more than 50 cryptos from all your favori
Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound After Weekend Selloff
Bitcoin, Ethereum Technical Analysis: ETH, BTC Rebound After Weekend Selloff Bitcoin and ethereum prices rebounded on Monday, after declining throughout the weekend. As the Russian
Former FTX CEO Sam Bankman-Fried Faces New Charges in Multi-Billion Dollar Fraud Case
Former FTX CEO Sam Bankman-Fried Faces New Charges in Multi-Billion Dollar Fraud Case Sam Bankman-Fried (SBF), the disgraced co-founder of FTX, faces four more charges after a new
Bitcoin layer-2 staking offers a superior alternative to interest rates
Jonathan Hargreaves4 hours agoBitcoin layer-2 staking offers a superior alternative to interest ratesUnlike traditional interest rates, Bitcoin staking reward rates are determined by the users who participate rather than
South Africa Charges Former Monero Lead Developer With 378 Counts of Fraud and Forgery
South Africa Charges Former Monero Lead Developer With 378 Counts of Fraud and Forgery Former Monero lead maintainer, Riccardo Spagni, faces over 370 counts of fraud, forgery, and
CME’s Bitcoin Friday Futures launch with 31K contracts on day one
Ana Paula Pereira5 hours agoCME’s Bitcoin Friday Futures launch with 31K contracts on day oneCME’s new derivatives product allows market participants to hedge or speculate on Bitcoin price movements in the short term
China Releases Year-End Crypto Rankings
China Releases Year-End Crypto Rankings China’s Center for Information and Industry Development has published its year-end crypto project rankings. Thirty-five projects wer