In a rather surprising turn of events, US Securities and Exchange Commission (SEC) Chairman Gary Gensler has said that Bitcoin is not a security. Indeed, Gensler was featured on CNBC, where he discussed the leading cryptocurrency and reaffirmed his position on its security status.
The token became the first crypto-based ETF in the United States this January. Gensler’s led SEC approved the product, with eleven issuers bringing the investment vehicle to market, including $10 trillion asset manager BlackRock. That green light followed more than 20 disapproved filings since 2018, the agency stated.
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Gensler Calls Bitcoin a Security in Recent Appearance
For the crypto sector in the United States, regulation has been an ongoing issue. The industry has struggled, specifically under the current SEC regime. Often leaning on enforcement for regulatory standards, the agency has continually ruled over the emerging market with an iron fist.
That stance took an interesting turn Thursday. Speaking to CNBC, SEC Chair Gary Gensler said that Bitcoin was a security. Indeed, the statement comes after the agency approved Spot Bitcoin ETFs earlier this year. Those products became the first crypto-based exchange-traded funds in the country’s history.
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Yet, Gensler has doubled down on his stance regarding the asset class. During the interview, when pressed about unclear regulations, Gensler insists that clarity exists. He told the program, “Not liking the rules is not the same as [denying] that there are rules.” Moreover, he notes that too many entities are profiting without the proper disclosures” and taking advantage of the public interest.
Gensler said the agency has “90 years of experience with this,” saying the agency’s stance “works pretty well.” When asked if he was lightening up to the crypto, he noted that it wouldn’t last unless there was necessary investor protection. Finally, Gensler assured that he and his predecessor classified the leading crypto as a security.