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Jun 28, 2022
by Jafrin Ahmed
Gary Gensler Says Bitcoin Is The Only Crypto He Considers A Commodity
US Securities and Exchange Commission (SEC) Chairman Gary Gensler deemed Bitcoin to be the only cryptocurrency he considers a commodity, considering others to be a security.
Gary Gensler Calls Bitcoin a Commodity
Appearing in an interview with CNBC on Monday with Jim Cramer, the chairman of U.S Securities and Exchange Commission (SEC) Chairman Gary Gensler called Bitcoin (BTC) a commodity but refrained from extending the label to any other cryptocurrencies.
"Some, like Bitcoin, and that's the only one, Jim, I'm going to say because I'm not going to talk about any one of these tokens, my predecessors and others have said, they're a commodity," Gensler said in response to a question from Cramer.
The previous SEC administration believed that both Bitcoin and Ethereum were commodities. However, he only mentioned Bitcoin in his latest comments and has previously avoided answering questions about Ethereum.
Industry Leaders Welcomed Gensler's View
Bitcoin proponents welcome Gensler's clarification. Digital assets manager Eric Weiss tweeted:
"Gensler is the 2nd consecutive SEC Chair to declare that bitcoin is a commodity, making it all but impossible for this classification to be altered in the future. Very significant indeed."
The pro-bitcoin CEO of Microstrategy, Michael Saylor, opined:
"Bitcoin is a commodity, which is essential for any treasury reserve asset. This allows politicians, agencies, governments, and institutions to support bitcoin as a technology and digital asset to grow the economy and extend property rights and freedom to all."
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.