Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

SEC Chief Gary Gensler Labels Bitcoin a Commodity, but Other Cryptos Securities

Cryptocurrency Jun 28, 2022 07:30AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
SEC Chief Gary Gensler Labels Bitcoin a Commodity, but Other Cryptos Securities

Gary Gensler, the chairperson of the U.S. Securities and Exchange Commission (SEC), has said that Bitcoin is the only crypto asset he feels comfortable naming a commodity.

Gary Gensler Labels Bitcoin a Commodity

In a recent interview with Mad Money host Jim Cramer, Gensler publicly clarified his stance on cryptocurrencies, particularly Bitcoin.

In addition to speaking on Bitcoin, Gensler explained that some cryptocurrencies that function in a similar capacity to bitcoin could also be classified as commodities.

The SEC Chief’s comments align with those of the chairperson of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, who claimed last month that Bitcoin (BTC) is a commodity.

Most Other Cryptos Are Securities

Although he declined to discuss other specific crypto tokens, the SEC Chief hinted at how the regulatory agency classifies the majority of other cryptocurrency tokens.

Gensler seemingly doesn’t feel that other cryptocurrencies can be classified as commodities in the same way, claiming that “many of these crypto financial assets have the characteristics of securities.”

On the Flipside

  • Unlike Gensler, who referred only to crypto assets like Bitcoin as commodities, the Head of the CFTC also labeled Ethereum (ETH) a commodity.

Why You Should Care

With Mr. Gensler being the second, consecutive SEC boss to call Bitcoin a commodity, proponents of the leading asset have welcomed the approach, agreeing that it has become all but impossible for the classification to be reassigned in the future.

Find more on Rostin Behnam’s statements below:

CFTC chairman considers Bitcoin and Ethereum to be commodities

For the latest on the SEC vs. Ripple battle, read:

SEC Vs Ripple: Hinman Related Hearing Suicidal for SEC?

Continue reading on DailyCoin

SEC Chief Gary Gensler Labels Bitcoin a Commodity, but Other Cryptos Securities
 

Related Articles

Cryptoverse: Electric ether leaps on verge of Merge
Cryptoverse: Electric ether leaps on verge of Merge By Reuters - Aug 16, 2022

By Medha Singh and Lisa Pauline Mattackal (Reuters) - It looks like ethereum's mega-upgrade is happening. Finally. After years of delays, the "Merge" seems all but certain to...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email