Gensler defends SEC’s Bitcoin stance, criticises crypto industry
the SEC’s stance on Ethereum remains ambiguous, as it has not classified it definitively and has launched several investigations into major Ethereum service providers, causing uncertainty within its ecosystem.
Gary Gensler, chair of the US Securities and Exchange Commission (SEC), reaffirmed the agency’s position on Bitcoin, stating it is not a security but rather a non-security commodity. In an interview with CNBC, Gensler highlighted that the SEC has approved around 10 spot Bitcoin exchange-traded funds (ETFs) and has embraced Bitcoin on major exchanges like Nasdaq. It underscores the regulatory clarity surrounding the world’s leading cryptocurrency.
However, the SEC’s stance on Ethereum has sparked more controversy. While Ethereum ETFs have also been approved, the SEC has opened multiple investigations into major Ethereum service providers like Consensys and Uniswap. Unlike Bitcoin, the regulator has not classified Ethereum as a security or non-security, leading to significant uncertainty for participants in its ecosystem.
Gensler’s leadership has faced sharp criticism from US policymakers, who accuse him of stifling blockchain innovation and fostering confusion in the crypto market. In a recent Parliamentary hearing, Gensler argued that the crypto industry has largely ignored existing regulations, seeking special treatment instead. However, some, like Robinhood’s lead lawyer Dan Gallagher, claim that the SEC has intentionally delayed responses to firms trying to comply with the rules.
