SEC Chairman Gensler confirms that Bitcoin commodities – ‘That’s all I’m going to say’ – are Bitcoin news regulations

SEC Chairman Gensler confirms that Bitcoin commodities – ‘That’s all I’m going to say’ – are Bitcoin news regulations

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

Gary Gensler: Bitcoin is a commodity

SEC President Gary Gensler clarified his position on cryptocurrency, especially bitcoin, in an interview with Mad Money leader Jim Cramer on CNBC on Monday.

“This is a highly speculative asset class. We have known this for a long time, “Gensler said when asked about the 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” which are securities.

Chairman Gensler stressed that many of these “crypto-financial assets” have “key attributes of a security.” He added: “Some of them are under the Securities and Exchange Commission.” In contrast, quoting what his “predecessors and others said,” he described:

Some, like bitcoin, and that’s the only thing I’m going to say… are commodities.

In addition, the head of the SEC noted BTChe will not specifically discuss other crypto tokens.

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

Proponents of bitcoin welcome Gensler’s clarification. Digital asset manager Eric Weiss tweeted, “Gensler is the second consecutive president of the SEC to say bitcoin is a commodity, making it almost impossible for this classification to change in the future. Really very important. ”

Pro-bitcoin CEO Microstrategy, Michael Saylor, opinions: “Bitcoin is a commodity, which is necessary for every treasury reserve. It enables politicians, agencies, governments and institutions to support bitcoin as a technology and digital wealth for economic growth and the expansion of property rights and freedoms for all. ” The software company listed on the Nasdaq has accumulated 129,218 bitcoins for its corporate treasury.

SEC, CFTC, banking regulators cooperate on crypto

Gensler continued to comment on the SEC by cooperating 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 work in a way that is not harmonized.

The head of the SEC then mentioned stable coins, noting:

There is work to be done on stable coins… There is a lot of work to really protect the investing public.

Last week, Gensler proposed “one rulebook”To regulate the crypto sector.

During an interview Monday, Cramer said Fidelity Investments allows bitcoin as an option for 401 (k) plans – a decision it made. disturbed the Ministry of Labor. The head of Mad Money stated that because of this people “feel very comfortable with assets that are bitcoin”. He asked Gensler, “are we too comfortable” with bitcoin?

“There are a lot of risks in crypto” and “there are also a lot of risks in classic securities markets,” Gensler replied, elaborating:

In the US … we have market regulators like the CFTC and the SEC that help protect the public from market fraud and manipulation.

Gensler added that there are currently thousands of crypto tokens that are not in accordance with the laws, noting that when a group of entrepreneurs sells something to the public, there must be “complete and fair disclosure”. The President emphasized: “That is what the SEC is doing. That’s what we do really well. “

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What do you think about the comments of SEC President Gensler? Let us know in the comments section below.

SEC Chairman Gensler confirms that Bitcoin commodities – ‘That’s all I’m going to say’ – are Bitcoin news regulations

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 crossroads between economics and cryptography.

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