Bitcoin Stands Apart: Gensler's Final Message as SEC Chair

Known for his strict approach to crypto regulation, Gensler has frequently emphasized Bitcoin's unique position compared to other tokens, which he believes still need to prove their value.

In Congressional hearings in 2023, he declared Bitcoin the only digital asset he considered a commodity, which raised questions about whether tokens like Ethereum ETH $2,754.70 and Solana SOL $175.53 might fall under the SEC’s jurisdiction.

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Speaking on CNBC’s “Squawk Box” on January 14, Gensler called Bitcoin speculative and volatile but suggested it might evolve into an asset similar to gold.

He explained: I think that Bitcoin is a highly speculative, volatile asset. But with 7 billion people around the globe, 7 billion people want to trade it just like we <…> have gold for 10,000 years.

Gensler has never personally owned Bitcoin or any other cryptocurrency, which maintains his neutral position on the matter.

During his tenure, Gensler led the SEC in issuing enforcement actions against crypto firms accused of breaking securities laws. These actions often drew criticism from crypto advocates, who viewed the agency’s efforts as overly aggressive.

Gensler, however, defended the need for transparency and public disclosure, stressing that informed decisions depend on clear information about investments.

Meanwhile, Rostin Behnam is stepping down from his role as chair of the US Commodity Futures Trading Commission (CFTC) but has raised concerns about crypto regulations. What did he say? Read the full story.