U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said that Bitcoin was the only cryptocurrency he was prepared to publicly label a commodity.
Gensler made the comments on CNBC’s Squawk Box, where he discussed the implications of labeling particular cryptocurrencies commodities rather than securities.
He explained that the investing public was hoping for returns on cryptocurrencies they invest in, just like they do with other registered securities.
When it comes to Bitcoin, both Gensler and his predecessors believe that it’s a commodity.
Gensler’s comments could have far-reaching consequences for the crypto industry. As a commodity, Bitcoin would be regulated by the Commodity Futures Trading Commission (CFTC), not the SEC, and set a precedent that could see other store-of-value cryptocurrencies be labeled “commodities” and subject to different regulations than securities.
More details to follow.
