Gary Gensler, chairman of the US Securities and Exchange Commission, who has not fallen off the agenda with his statements on cryptocurrencies, made new statements about Bitcoin (BTC). Speaking to CNBC, US Securities and Exchange Commission chairman Gensler said that he considers Bitcoin a commodity.
“Bitcoin is a commodity, and it is the only cryptocurrency that is a commodity. Most of these tokens are securities. The public who invests in them hopes for a return, just like securities. Many of these financial assets have the basic characteristics of securities, and then the jurisdiction of the SEC Others, such as Bitcoin - which in my opinion only Bitcoin - are a commodity in the opinion of me and my predecessors. This classification difference gives oversight over Bitcoin markets to the Commodity Futures Trading Commission. There are two major market regulators in this country. Digital assets We have the ability to work together to ensure fair, transparent and investor protection."
With these statements, Gensler reaffirmed that Bitcoin is a commodity and not a security. According to Genlser’s statements, many altcoins with security status are subject to the supervision of the US Securities and Exchange Commission (SEC), while Bitcoin will be subject to the supervision of the CFTC. After Gensler’s statements, “since Bitcoin is a commodity, why is a spot Bitcoin ETF not approved like other commodities?” questions came to mind.
The number of cryptocurrencies reached 20,000, breaking a new record
The crypto market has lost more than 50% in 2022, but the number of emerging cryptocurrencies has reached a new record high. The number of cryptocurrencies tracked by CoinMarketCap has crossed the 20,000 mark for the first time in history, reaching 20,002. However, despite the emergence of new tokens, the largest cryptocurrency Bitcoin maintains its market dominance by 43 percent.