As Gary Gensler prepares to step down from his role as the US Securities and Exchange Commission (SEC) Chair, he continues to draw a clear line between Bitcoin
$99,385.73
and other cryptocurrencies.
Known for his strict approach to crypto regulation, Gensler has frequently emphasized Bitcoin’s unique position compared to other tokens, which he believes still need to prove their value.
In Congressional hearings in 2023, he declared Bitcoin the only digital asset he considered a commodity, which raised questions about whether tokens like Ethereum
$3,368.49
and Solana
$202.96
might fall under the SEC’s jurisdiction.
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Speaking on CNBC’s “Squawk Box” on January 14, Gensler called Bitcoin speculative and volatile but suggested it might evolve into an asset similar to gold.
He explained: I think that Bitcoin is a highly speculative, volatile asset. But with 7 billion people around the globe, 7 billion people want to trade it just like we <…> have gold for 10,000 years.
Gensler has never personally owned Bitcoin or any other cryptocurrency, which maintains a neutral position in his regulatory role.
During his tenure, Gensler led the SEC in issuing enforcement actions against crypto firms accused of breaking securities laws. These actions often drew criticism from crypto advocates, who viewed the agency’s efforts as overly aggressive.
Gensler, however, defended the need for transparency and public disclosure, stressing that informed decisions depend on clear information about investments.
Meanwhile, Rostin Behnam is stepping down from his role as chair of the US Commodity Futures Trading Commission (CFTC) but has raised concerns about crypto regulations. What did he say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
