Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), compared Bitcoin’s global appeal to gold, saying it is a speculative and volatile asset. “Bitcoin is a highly speculative and volatile asset. But with 7 billion people around the world looking to trade it, we have Bitcoin, just as we have had gold for 10,000 years. It could be something else in the future,” Gensler said.
Gensler warned that most tokens other than Bitcoin could be subject to securities laws, stressing that proper disclosures are necessary to protect investors from fraud and manipulation. He also noted that the crypto space is not compliant with various laws, such as anti-money laundering, sanctions, or securities laws.
In previous statements, Gensler has stated that Bitcoin is not a security, but other crypto assets can be considered securities. This stance shapes the SEC’s regulatory approach to the cryptocurrency market.
Gensler’s tenure has seen significant steps taken, including the approval of Bitcoin and Ether ETFs, and financial market reforms, but his strict oversight and enforcement-focused approach to the crypto market has been criticized by industry participants.
As a result, Gensler’s comparison of Bitcoin to gold is important for understanding the place of crypto assets in the financial system and regulatory perspectives.
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Source:
• Economics World Journal. (2023, September 27). SEC Chairman Gensler argued that Bitcoin is not a “security.”
• Invezz TR. (2024, September 27). SEC Chairman Gary Gensler said Bitcoin is not a security, criticized the crypto industry for non-compliance.
