Gary Gensler, the outgoing SEC Chair, has claimed that the regulatory agency has "never said" that Bitcoin and Ethereum are securities.
Background
- He went on to clarify that neither he nor his predecessor, Jay Clayton, made any security-related claims w.r.t. Bitcoin or Ether
- Gensler is all set to step down in less than a week before President-elect Donald Trump and his administration takes reign
Who said what?
- Specifically, Gensler said,
“We haven't said Ethereum is a security… I said that we, the SEC, have never said they're securities. I think investors in Bitcoin and Ethereum, the masses as you said, had access to these prior to the exchange-traded funds and products”
- Emphasizing on the importance of disclosure, he added
"Over 70%, maybe 80% of the crypto market is related to Bitcoin and Ethereum. I really take a look at the other part, these 10,000 to 15,000 other tokens, which can only really persist because investors are investing, in essence, betting on a project. They need the proper disclosure. The law says you're supposed to get that disclosure and they're not currently compliant"
Why should you pay attention?
- Despite his assertions, Gensler was quick to add that he can't outrightly claim that both tokens aren’t securities owing to the nature of his job
- In another parallel interview, Gensler claimed that Bitcoin is a “highly speculative, volatile asset”
- However, seven billion people around the globe want to trade it just like they’ve been trading gold for 10,000 years, he said
- He concluded by saying, “It might be something else in the future as well”
