SEC Chairman: Bitcoin commodity; Ethereum security status evades.

Jafar224

SEC's perspective – "Bitcoin is a commodity," but he is reluctant to comment on the properties of competing coins like Ethereum. He said:

"This (cryptocurrency) is a highly speculative asset class, and we've known that. When people invest in 'Bitcoin and hundreds of other cryptos,' just like they invest in stocks and other financial assets, they are looking for a return."

Gary Gensler emphasized that many "crypto financial assets" possess "key attributes of securities" and thus fall under the SEC's jurisdiction, except for Bitcoin. He stated:

"Bitcoin is the one that I would call a 'commodity' in the crypto-currency space. I won't speak about others, but the former SEC chairman and others have said they are commodities."

Earlier this month, the U.S. Congress passed the "Responsible Innovation in Digital Assets Act," aiming to encourage "responsible innovation" by integrating digital assets into existing laws and providing a clearer framework for the cryptocurrency industry lacking regulatory standards.

Isha000

It seems like they are adopting an ostrich policy.

Janak9955

Indeed, Bitcoin is considered a commodity.

Ritu13

One must have a proper understanding to be qualified to speak on this matter.

Yamini003

It is necessary to take a closer look at this.