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?