SEC Chairman Gary Gensler during an interview this morning with Jim Cramer referred to Bitcoin as a “commodity.” He labeled BTC as “the only one” referring to the other coins, he is comfortable calling a commodity.

Gensler said that “most crypto assets have the key attributes of a security” and are similar because “investors are hoping for a return.” “Bitcoin, my predecessors and I agree, are a commodity.” This implies that Bitcoin differs from other crypto assets in Gensler’s eye’s for having an intrinsic value, as opposed to a security which is valued by the market.

Furthermore,  there have been recent legislation attempts to give the Commodity Futures Trading Commission oversight of Bitcoin. Gensler debated the importance of regulatory agencies overseeing the markets of digital currencies, to ensure investor protection, transparency, and equality.

The SEC chair has previously been critical of crypto saying, “this speculative asset class, (of) one and a quarter trillion roughly dollars right now, does not have the investor protection that the public needs, and I would contend if this field has any future, what the field needs as well.” He also was critical of any exchanges “operating outside the law.”

Author: Garrett Meifert