SEC Chairman Gensler explained his views on cryptocurrencies and Bitcoin in a live broadcast he attended today. As the date of the pending Spot Bitcoin ETFs approaches, every word that comes out of Gensler’s mouth matters and investors are watching these claims closely. So what did Gensler say about Bitcoin? Could we see the approval of Spot Bitcoin ETF soon?
Description of the cryptocurrency
According to many experts, the decision will be announced this week and next week. Spot Bitcoin ETF The likelihood of their application being approved is close to zero. Gary Gensler, chairman of the Securities and Exchange Commission, bitcoinHe said the SEC is the only cryptocurrency it considers outside its regulatory scope. According to the president of the SEC, the world’s largest cryptocurrency by market capitalization, believed to be a commodity, and the Commodity Futures Trading Commission (CFTC) is the only digital currency regulated by
Gensler released these statements during an interview on CNBC. Following Gensler’s comment, it is clear that the SEC considers all other cryptocurrencies, including Ethereum (ETH), to be securities and the regulatory authority rests with the SEC. SECSince 2018, many cryptocurrency investors have believed Ethereum to be a commodity, after William Hinman, William Hinman’s former director of corporate finance, said in his controversial speech that the second cryptocurrency is a commodity.
Following Gensler’s comment, Michael Saylor said:
“Bitcoin is an essential commodity for any treasury reserve business. 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. “
Commodities, securities disputes
However, Gensler, who was not in charge of the SEC’s affairs at the time, does not appear to agree with Hinman’s Ethereum classification, as he refused to add ETH to the list of cryptocurrencies that should be regulated by the CFTC.
SEC at the end of 2020 Ripple and his two managers, Brad Garlinghouse and Chris Larsen, to manage an unregistered stock offering. The ongoing lawsuit is not over yet and almost all altcoins are in danger of having to deal with such lawsuits. The case has been pending for over a year, and some lawyers estimate the case could be closed by March next year.
What will happen next? President of the SEC gens, is a knowledgeable name on cryptocurrencies and Bitcoin who knows more than 99% of the crypto community. If you take a look at the blockchain and Bitcoin lectures he gave at MIT on YouTube, you will see that he knew about these issues before he took office in the SEC. For this reason, discussions on regulation appear to continue in 2022. After the regulations are clear, we will experience a second wave of fear. These will be cases of “issuing cryptocurrency company tokens / coins”. Self SECif he declares a decisive victory in the Ripple case BinanceMany altcoins, most notably BNB’s, will appear in court.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk and should execute their transactions in line with their own research.