Legal Advancement for Cryptocurrency

Gary Gensler has once again confirmed his view that Bitcoin is not a security,

In an interview shared with CNBC, the SEC chairman said that while most other crypto assets have many essential attributes of securities, Bitcoin is “the only coin” he is comfortable with being labeled as a commodity. According to him, the similarity between the two is the public's confidence when they expect investment returns.

“However, I would like to clarify that other crypto financial products have the properties of securities, and the public wants to invest in them with the hope of high returns." Gensler said.

Before Gensler's rise to power at the SEC, the Commission's leadership had publicly stated that neither Bitcoin nor Ethereum are securities. Gensler's latest comment could positively impact Bitcoin in the long run, and even the entire crypto market, as Bitcoin is the leading representative of the entire industry. 

Gensler previously created a commotion in the crypto market when he revealed that the agency will be allied with the CFTC to strengthen supervision of the blockchain industry. The alliance seeks to “deter” the market more aggressively after President Biden's executive order. 

Despite calls for leniency from US lawmakers, the SEC has expanded its NFT investigation and published a proposal aimed directly at the DeFi sector.

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