Former SEC Chair Gary Gensler Identifies Bitcoin as the Only Commodity-like Cryptocurrency

In a recent interview with Bloomberg TV, former U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated that Bitcoin is the only cryptocurrency that resembles a commodity. Gensler, who led the SEC from 2021 to January 2025, emphasized Bitcoin's decentralized structure and global recognition as key factors that distinguish it from thousands of other digital tokens, which he described as speculative and lacking fundamental value.

Gensler's comments highlight his long-standing position that most cryptocurrencies do not offer dividends, cash flows, or any underlying business generating returns. He acknowledged dollar-backed stablecoins as a partial exception but maintained that the majority of altcoins rely on the expectation of future price increases rather than intrinsic value. At the time of the interview, Bitcoin was trading near $92,000.

During his tenure at the SEC, Gensler consistently argued that Bitcoin should be classified differently from other cryptocurrencies under securities law. His agency took enforcement actions against numerous crypto projects, treating many tokens as unregistered securities. This regulatory approach was reinforced by the approval of Bitcoin futures exchange-traded funds (ETFs), which signaled a recognition of Bitcoin's unique status. Gensler's framing of Bitcoin as a commodity aligns with the Commodity Futures Trading Commission's classification, which has significant legal and regulatory implications for the cryptocurrency market.

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Source: KLEA News