Gary Gensler, chairman of the US Securities and Exchange Commission, said Bitcoin is the only cryptocurrency he can label as a commodity. Gensler has opened up on CNBC’s Squawk Box about cryptocurrencies, their regulations, and stablecoin.
“People expect profits just as they do when investing in other financial assets that we call securities. Many crypto financial assets have important attributes of security.”
Gary Gensler
Gary Gensler states that many of the tokens are non-compliant
Gensler told Jim Cramer how crypto is a very speculative asset. He added that the CFTC and SEC are tracking different crypto assets and their ups and downs in the market.
He talked about Stablecoin and said there was work to be done to protect investors. He also talked about the various tokens on the market and said most of them are non-compliant.
He was careful to avoid mentioning other cryptocurrencies or revealing future SEC moves, but the only cryptocurrency he was ready to publicly refer to as a commodity was Bitcoin. It was clear that it was.
“Cryptocurrencies have a lot of risks, and classic securities also have risks. In the United States, there are market regulators CFTC and SEC that help protect the public from market fraud and manipulation. increase.”
Gensler states that market regulators have a lot to do to establish the comprehensive legislation needed to protect investors. According to Gensler, the United States is able to bring hundreds, if not thousands, of tokens to market once the SEC’s requirements are confirmed, calling for complete and fair disclosure in the cryptocurrency market. ..
Due to the current market turmoil, Bitcoin and other cryptocurrencies have become a hot topic. Investors have lost millions of dollars since the collapse of the Terra ecosystem last month, and the market has not yet proven to be favorable to investors.