🌋 Gensler Affirms: Bitcoin's Not a Security, Crypto Rules Are Clear
posted 27 Sept 2024
SEC Chairman Gary Gensler reiterated that the cryptocurrency industry is governed by clear regulations, reaffirming that Bitcoin is not a security. He highlighted that this regulatory clarity was a key factor in the approval of spot Bitcoin ETFs.
As it relates to bitcoin, my predecessor and I have said, that's not a security. You now have a way that you can actually express that view — buy into that through exchange-traded products,Gensler remarked.
He mockingly refuted the idea that he is championing leading cryptocurrencies, highlighting that with so many altcoins—over 15,000—on the market, it’s tough to discern which are truly reliable. Gensler also refrained from commenting on Trump’s plan to have a Bitcoin strategic reserve for the U.S.
Moreover, Gensler continues to assert that the majority of tokens should be considered securities, subject to SEC regulation and oversight, despite ongoing lawsuits against the regulator, resistance from many crypto companies, and public criticism from some members of Congress.
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