{"id":5271,"date":"2022-06-28T07:45:51","date_gmt":"2022-06-28T07:45:51","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=5271"},"modified":"2022-06-28T07:45:51","modified_gmt":"2022-06-28T07:45:51","slug":"community-reacts-after-secs-gensler-affirms-btcs-commodity-status","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5271","title":{"rendered":"Community reacts after SEC\u2019s Gensler affirms BTC\u2019s commodity status"},"content":{"rendered":"<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>\n<p>United States Securities and Exchange Commission Chair Gary Gensler riled up Crypto Twitter on Monday after affirming that Bitcoin (BTC) is a commodity. Questions were raised about its impact on Grayscales\u2019 proposed Bitcoin exchange-traded fund (ETF) and why Ether (ETH) wasn\u2019t mentioned.<\/p>\n<p>Speaking to Jim Cramer on CNBC\u2019s Squawk Box on Monday, the SEC chair said that while many crypto-financial assets have the key attribute of a security, Bitcoin is the \u201conly one\u201d that he was comfortable publicly labeling as a commodity:<\/p>\n<p>\u201cSome, like Bitcoin \u2014 and that\u2019s the only one I\u2019m going to say because I\u2019m not going to talk about any one of these tokens, but my predecessors and others have said they\u2019re a commodity.\u201d<\/p>\n<h3>Grayscale Bitcoin ETF<\/h3>\n<p>The remarks kicked up chatter about Grayscale\u2019s application to convert its Bitcoin Trust into a spot-based ETF\u00a0\u2014 which is expected to see a yes-or-no decision from the SEC on July 6. <\/p>\n<p>James Seyffart, an ETF analyst at Bloomberg Intelligence, told his 19,300 Twitter followers that while Gensler\u2019s remarks are positive for Bitcoin, it may not be enough to see Grayscale\u2019s Bitcoin spot ETF approved next week.<\/p>\n<p lang=\"en\" dir=\"ltr\">This isn&#8217;t new from Gensler, but definitely positive IMO. Unfortunately this isn&#8217;t enough for approval of $GBTC&#8217;s conversion into a spot #Bitcoin ETF. Odds of SEC approval next week (or this week) are near zero in our opinion. https:\/\/t.co\/mvRnkajGdd<\/p>\n<p>\u2014 James Seyffart (@JSeyff) June 27, 2022<\/p>\n<p>Eric Balchunas, a senior ETF analyst at Bloomberg, made similar comments, noting he saw only a 0.5% chance of Grayscale\u2019s GBTC being allowed to convert to an ETF.\u00a0<\/p>\n<h3>No mention of ETH<\/h3>\n<p>Crypto Twitter also picked up on the fact that Gensler refrained from mentioning whether he placed Ether\u00a0in the same commodities boat, despite the regulator and the Commodity Futures Trading Commission (CTFC) previously agreeing that the asset was a commodity just like Bitcoin. <\/p>\n<p lang=\"en\" dir=\"ltr\">Any thoughts on why Gensler didn&#8217;t mention Ethereum as a commodity today? https:\/\/t.co\/GjN5so63O3 #ethereum<\/p>\n<p>\u2014 swankyfinance.eth (@swankyfinance) June 28, 2022<\/p>\n<h3>Positive for Bitcoin<\/h3>\n<p>Nevertheless, Gensler\u2019s views on Bitcoin have been seen as a positive for the king of crypto. <\/p>\n<p>Bitcoin bull Michael Saylor shared the video to his 2.5 million Twitter followers, adding that Bitcoin is essential as a treasury reserve asset, which will allow governments and institutions to support it as a digital asset to grow the economy.<\/p>\n<p lang=\"en\" dir=\"ltr\">#Bitcoin is a commodity, which is essential for any treasury reserve asset. This allows politicians, agencies, governments, &amp; institutions to support bitcoin as a technology &amp; digital asset to grow the economy and extend property rights &amp; freedom to all. pic.twitter.com\/b4WmdSRilb<\/p>\n<p>\u2014 Michael Saylor\u26a1\ufe0f (@saylor) June 27, 2022<\/p>\n<p>Meanwhile, Eric Weiss, founder of Blockchain Investment Group,\u00a0noted on Twitter that Gensler is the second SEC chair to declare Bitcoin a commodity, making it near impossible for this classification to be altered in the future.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Google users think BTC is dead \u2014 5 things to know in Bitcoin this week<\/em><\/strong><\/p>\n<p>Interestingly, the positive news for Bitcoin resulted in another price decline, falling from a 24-hour high of $21,478 to $20,635 at the time of writing.<\/p>\n<p>Ether has fallen from a 24-hour high of $1,234 to $1,171 at the time of writing as the bears retain their grip on the markets. <\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><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:\/\/cointelegraph.com\/news\/community-reacts-after-sec-s-gensler-affirms-btc-s-commodity-status\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>United States Securities and Exchange Commission Chair Gary Gensler riled up Crypto Twitter on Monday after affirming that Bitcoin (BTC) is a commodity. Questions were raised about its impact on Grayscales\u2019 proposed Bitcoin exchange-traded fund (ETF) and why Ether (ETH) wasn\u2019t mentioned. Speaking to Jim Cramer on CNBC\u2019s Squawk Box on Monday, the SEC chair [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5272,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-5271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5271","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=5271"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5271\/revisions"}],"predecessor-version":[{"id":5273,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5271\/revisions\/5273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5272"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}