{"id":63569,"date":"2022-06-28T10:45:46","date_gmt":"2022-06-28T07:45:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63569"},"modified":"2025-09-06T09:43:28","modified_gmt":"2025-09-06T06:43:28","slug":"sec-chief-confirms-bitcoins-status-as-a-commodity","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/sec-chief-confirms-bitcoins-status-as-a-commodity\/","title":{"rendered":"SEC chief confirms bitcoin\u2019s status as a commodity"},"content":{"rendered":"<p>SEC Chair Gary Gensler has confirmed that the regulator regards bitcoin as a commodity. He said as much on CNBC.<\/p>\n<figure class=\\\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\\\">\n<div class=\\\"wp-block-embed__wrapper\\\">\n<iframe loading=\\\"lazy\\\" title=\\\"SEC Chair Gary Gensler discusses potential crypto regulation and stablecoins\\\" width=\\\"500\\\" height=\\\"281\\\" src=\\\"https:\/\/www.youtube.com\/embed\/oTa_3W8rMno?feature=oembed\\\" frameborder=\\\"0\\\" allow=\\\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\\\" referrerpolicy=\\\"strict-origin-when-cross-origin\\\" allowfullscreen\\><\/iframe>\n<\/div>\n<\/figure>\n<p>Gensler reminded that cryptocurrencies are a speculative asset class. When people invest in \u201cbitcoin and hundreds of other tokens,\u201d they are counting on profits, he said.<\/p>\n<p>According to him, many of these \u201ccrypto-financial assets\u201d possess key attributes of securities and are under the Commission&#8217;s jurisdiction.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cSome, such as bitcoin, and that\u2019s all I\u2019m going to say, because I don\u2019t intend to discuss any of these tokens, but my predecessors and others have said that they are a commodity,\u201d Gensler said.<\/p>\n<\/blockquote>\n<p>Supporters of the first cryptocurrency welcomed the statement by the SEC chief.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cGensler has become the second consecutive SEC chair to name bitcoin a commodity, making it virtually impossible to change this classification in the future. Very important indeed,\u201d wrote Eric Weiss, founder of the Blockchain Investment Group.<\/p>\n<\/blockquote>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Gensler is the 2nd consecutive SEC Chair to declare that <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> is a commodity making it all but impossible for this classification to be altered in the future. Very significant indeed. <a href=\\\"https:\/\/t.co\/pe6lNPq1EN\\\">https:\/\/t.co\/pe6lNPq1EN<\/a><\/p>\n<p>\u2014 Eric Weiss \u26a1\ufe0f (@Eric_BIGfund) <a href=\\\"https:\/\/twitter.com\/Eric_BIGfund\/status\/1541450661610528768?ref_src=twsrc%5Etfw\\\">June 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>CEO MicroStrategy Michael Saylor <a href=\\\"https:\/\/twitter.com\/saylor\/status\/1541445901775945728\\\">said<\/a>, that this will allow \u201cpolicymakers, agencies, governments and institutions to support bitcoin as a technology and a digital asset for the growth of the economy and the spread of ownership and freedom for all.\u201d<\/p>\n<p>Analyst <span data-descr=\\\"exchange-traded fund\\\" class=\\\"old_tooltip\\\">ETF<\/span> in Bloomberg Intelligence James Seyffart described Gensler&#8217;s comments as \u201cnot news, but certainly positive.\u201d However, in his view, this will not be enough for the SEC to approve next week the conversion of <a href=\"https:\/\/u1f987.com\/en\/news\/dcg-chief-confirms-plans-to-convert-grayscales-bitcoin-trust-into-an-etf\">Grayscale Bitcoin Trust<\/a> into a spot ETF. The odds are near zero, he added.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">This isn\u2019t new from Gensler, but definitely positive IMO. Unfortunately this isn\u2019t enough for approval of <a href=\\\"https:\/\/twitter.com\/search?q=%24GBTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\\\">$GBTC<\/a>&#8216;s conversion into a spot <a href=\\\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\\\">#Bitcoin<\/a> ETF. Odds of SEC approval next week (or this week) are near zero in our opinion. <a href=\\\"https:\/\/t.co\/mvRnkajGdd\\\">https:\/\/t.co\/mvRnkajGdd<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\\\"https:\/\/twitter.com\/JSeyff\/status\/1541425132203294723?ref_src=twsrc%5Etfw\\\">June 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Seyffart\u2019s view was echoed by his colleague Eric Balchunas, who assessed the probability of a favourable regulator decision on converting GBTC to 0.5%.<\/p>\n<p>In February, Gensler <a href=\"https:\/\/u1f987.com\/en\/news\/gary-gensler-explains-why-spot-bitcoin-etf-applications-were-rejected\">named as the reason<\/a> why the SEC rejected all applications to launch a spot bitcoin ETF, their failure to meet securities-law standards aimed at preventing fraudulent or manipulative practices.<\/p>\n<p>During the interview, the head of the SEC noted cooperation with other federal agencies to oversee the crypto industry, including <span data-descr=\\\"U.S. Commodity Futures Trading Commission\\\" class=\\\"old_tooltip\\\">CFTC<\/span> and banking regulators.<\/p>\n<p>To that end, the Commission intends <a href=\"https:\/\/u1f987.com\/en\/news\/gary-gensler-sec-to-regulate-the-crypto-market-jointly-with-the-cftc\">sign formal agreements with them<\/a>.<\/p>\n<p>Follow ForkLog\u2019s bitcoin news on our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC Chair Gary Gensler has confirmed that the regulator regards bitcoin as a commodity. He said as much on CNBC.<\/p>\n","protected":false},"author":1,"featured_media":63570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1181,128],"class_list":["post-63569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-gary-gensler","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63569"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63569\/revisions"}],"predecessor-version":[{"id":63571,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63569\/revisions\/63571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63570"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}