US SEC Chairman Gary Gensler Reiterates Stance on Bitcoin and Crypto
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SEC Chair Gensler Maintains Stance on Bitcoin, Crypto Markets
United States Securities and Exchange Commission (SEC) Chairman Gary Gensler has reiterated his view that Bitcoin (BTC) is not classified as a security. In an interview with CNBC, Gensler also stated that buying exchange-traded fund (ETF) products is now a way of expressing this view.
Gensler further noted that that the SEC has the authority to oversee the crypto market, despite the absence of specific crypto regulations. The SEC Chair also discussed his stance on altcoins and the future of crypto.
Bitcoin Is Not a Security - Buy ETFs to Express Your View
During the interview, the CNBC host asked Gensler about his stance on Bitcoin, the flagship cryptocurrency. In response, the SEC Chair stated that his predecessor and he have said that Bitcoin is not classified as a security.
Gensler then added that if anyone has a view on this matter, they can now express it by buying into Bitcoin through exchange-traded products. He went on to say that there are 12 spot bitcoin ETFs that have been approved in the United States. These products are traded on regulated stock exchanges.
Gensler then asked the CNBC host for his view on altcoins, considering that there are about 15,000 to 20,000 of them.
The SEC has approved several bitcoin ETFs in 2023, following a long-standing demand from the crypto community and several applications from asset managers. These products, which began trading on the New York Stock Exchange, provide investors with direct exposure to BTC.
Their approval also signaled a shift in the regulator’s approach to crypto assets, which have largely been covered under a federal securities law exemption. However, the SEC and Gensler have maintained that many of these digital assets are securities and, therefore, fall under their jurisdiction.
Gensler has previously stated that many other cryptocurrencies besides Bitcoin qualify as securities under federal securities laws. Therefore, he believes the SEC is within its rights to oversee the crypto space.
The SEC’s and Gensler’s stance poses a significant challenge to the industry, given the multiple lawsuits against crypto firms on that account. However, the crypto industry maintains that the regulator is overstepping its authority.
During his latest CNBC interview, Gensler didn’t fail to emphasize his agency’s position on crypto regulation.
When asked whether the SEC has been regulating crypto by litigation, he argued that existing laws give the watchdog power to regulate the market. Gensler asserted, “Not liking the rules is not the same as that there aren’t rules.”
Gensler also highlighted the need for crypto to build investor trust and the challenges that will come with it, considering the many fraudsters and scammers in the industry. He said the crypto industry has incurred “tens of billions of dollars in losses and bankruptcies” in the past two years. According to him, no innovation can survive in America without building trust and protecting investors and consumers.
Gensler’s View of Trump’s Proposed Bitcoin Strategy
CNBC also inquired about Gensler’s view on former President Donald Trump’s idea of setting up a Bitcoin reserve, but the SEC Chair remained tight-lipped on the matter.
Gensler said he has a view, but considering his role and the fact that we are in the election season, he stated that for the listening public, he will stick to his chalk lines, which are securities markets. He added that Chairman Powell and others can speak to that.
Trump recently stated that if he wins the 2024 presidential election, he will create a “strategic Bitcoin reserve” for the country. According to Trump, this reserve will help protect Americans from the risks associated with cryptocurrency.
However, several crypto community members have criticized Trump’s proposal, arguing that it is not feasible and that Bitcoin should not be used as an inflation hedge. They also maintain that the former president’s involvement in crypto is largely driven by his desire to sell non-fungible tokens (NFTs) of himself.
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