As the crypto sheriff prepares to hang up his bid, SEC Chairman Gary Gensler took the opportunity Tuesday to diverge. Bitcoin From the rest of the herd, he says he still needs to prove it has any real value.
as if Appearance On CNBC's “Squawk Box,” Gensler said he believes Bitcoin is still a risky bet, but the leading cryptocurrency global financial market participants said Bitcoin could be transformed into another type of asset trading in the same fashion as precious metals such as gold.
“I think Bitcoin is a very speculative, volatile asset. But with 7 billion people around the world, 7 billion people want to trade like we do. […] Have gold for 10,000 years,” Gensler said. “We have Bitcoin. It may be different in the future.”
Gensler plans to step down from his leadership position when the agency expires next week with the inauguration of President Donald Trump. On Gensler's watch, the SEC advocates for a Control blitzTaking enforcement action against crypto companies allegedly violating the rules.
Former SEC Commissioner Paul Atkins is poised to strike a relatively crypto-friendly vote if Congress gets behind Trump's nomination. Among Trump's early crypto initiatives, Decrypt It was reported on Monday that it may include one directing the SEC To get on the same page with other regulators – bringing out different perspectives for the emergency sector.
On Tuesday, Gensler said digital assets beyond bitcoin “have to demonstrate their use case and demonstrate that there's fundamentals to them, or they won't survive.”
As recently as July, CFTC Chairman Rustin Behman; he said. That Bitcoin And Ethereum They are commodities to be controlled by the agency.
For the past four years, Gensler has refused to call anything other than bitcoin a commodity. In 2023, for example, Gensler saidBitcoin only” is a commodity that refers to assets like Ethereum. Solana It may fall under the SEC.
Last year, however, the SEC approved Ethereum ETFs, expanding investors' access to the coin after previously giving the green light to Bitcoin funds. Approval a Tactic entry Ethereum is a commodity and since then asset managers have offered products that cover other coins. Solana and XRP.
On Gensler on Tuesday, Kernen suggested that Gensler “loves” Bitcoin as SEC chairman, going so far as to say that Gensler may be personally opposed to “those other coins.”
Gensler said he never owned Bitcoin or any other cryptocurrency. He also stands by the idea that “the public should have disclosure” to make informed decisions.
At 2023 Capitol Hill, Gensler It is lined up to the side Questions about Ethereum's regulatory status, the SEC chairman has made allegations that he tried to mislead lawmakers.
While Gensler's successor may be more willing to take the question forward, Gensler's belief that bitcoin is different seems likely to persist in the final days at the SEC.
Edited by Andrew Hayward.
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