{"id":5268,"date":"2022-06-28T01:00:00","date_gmt":"2022-06-28T01:00:00","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=5268"},"modified":"2022-06-28T01:00:01","modified_gmt":"2022-06-28T01:00:01","slug":"sec-chair-gensler-affirms-bitcoin-is-a-commodity-thats-the-only-one-im-going-to-say","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5268","title":{"rendered":"SEC Chair Gensler Affirms Bitcoin Is a Commodity \u2014 &#8216;That&#8217;s the Only One I&#8217;m Going to Say&#8217;"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>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.<br \/><\/strong><\/p>\n<h2>Gary Gensler: Bitcoin Is a Commodity<\/h2>\n<p>SEC Chairman Gary Gensler clarified his position on cryptocurrency, particularly bitcoin, in an interview with Mad Money host Jim Cramer on CNBC Monday.<\/p>\n<p>\u201cThis is a highly speculative asset class. We\u2019ve known this for a long time,\u201d Gensler said when asked about cryptocurrency. Citing the \u201cups and downs of this speculative asset class,\u201d he explained that when people invest in \u201cbitcoin and hundreds of other crypto tokens,\u201d they hope for a return, \u201cjust like when they invest in other financial assets\u201d that are securities.<\/p>\n<p>Chair Gensler stressed that many of these \u201ccrypto financial assets\u201d have \u201cthe key attributes of a security.\u201d He added: \u201cSome of them \u2026 are under the Securities and Exchange Commission.\u201d In contrast, citing what his \u201cpredecessors and others have said,\u201d he described:<\/p>\n<p>Some, like bitcoin, and that\u2019s the only one I\u2019m going to say \u2026 are commodities.<\/p>\n<p>The SEC chief noted that besides BTC, he is not going to discuss other crypto tokens specifically.<\/p>\n<p>Gensler\u2019s 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.<\/p>\n<p>Bitcoin proponents welcome Gensler\u2019s clarification. Digital assets manager Eric Weiss tweeted: \u201cGensler 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.\u201d<\/p>\n<p>The pro-bitcoin CEO of Microstrategy, Michael Saylor, opined: \u201cBitcoin 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.\u201d The Nasdaq-listed software company has amassed 129,218 bitcoins for its corporate treasury.<\/p>\n<h2>SEC, CFTC, Banking Regulators Collaborating on Crypto<\/h2>\n<p>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.<\/p>\n<p>The SEC chief then mentioned stablecoins, noting:<\/p>\n<p>There\u2019s work to be done there around stablecoins \u2026 There\u2019s a lot of work to be done to really protect the investing public.<\/p>\n<p>Last week, Gensler proposed \u201cone rule book\u201d for the regulation of the crypto sector.<\/p>\n<p>During the interview Monday, Cramer brought up Fidelity Investments allowing bitcoin as an option for 401(k) plans \u2014 the decision that has troubled the Labor Department. The Mad Money host asserted that it makes people \u201cfeel very comfortable with the asset that is bitcoin.\u201d He asked Gensler, \u201care we too comfortable\u201d with bitcoin?<\/p>\n<p>\u201cThere\u2019s a lot of risk in crypto\u201d and \u201cthere\u2019s also a lot of risk in classic securities markets,\u201d Gensler replied, elaborating:<\/p>\n<p>In the U.S\u2026 we have market regulators like the CFTC and the SEC to help protect the public against fraud and manipulation in the markets.<\/p>\n<p>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 \u201cfull and fair disclosures.\u201d The chairman stressed: \u201cThat\u2019s what the SEC does. That\u2019s what we do really well.\u201d<\/p>\n<p>Tags in this story<\/p>\n<p>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<\/p>\n<p><em><strong>What do you think about the comments by SEC Chair Gensler? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA 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.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: 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.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/sec-chair-gensler-bitcoin-is-a-commodity\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-5268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5268"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5268\/revisions"}],"predecessor-version":[{"id":5270,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5268\/revisions\/5270"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5269"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}