Gensler Reaffirms Bitcoin’s Non-Security Status

SEC Chair Gary Gensler restated his view on Bitcoin, confirming that it does not qualify as a security.

In a hearing held on a Wednesday before the Financial Services Committee, Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), provided clarity on his position regarding Bitcoin. In response to queries from the Republican committee chair Patrick McHenry, Gensler affirmed that Bitcoin does not fall under the category of securities.

Gensler’s Perspectives on Alternative Cryptocurrencies

Expanding on his position, Gensler emphasized that Bitcoin does not satisfy the criteria outlined in the Howey test, underscoring its differentiation from securities. However, he abstained from definitively classifying Bitcoin as a commodity. Gensler has also previously addressed the categorization of cryptocurrencies such as Ethereum (ETH). In an interview with New York Magazine, he suggested that Ethereum might potentially be regarded as a security.

Nevertheless, his reluctance to provide a definitive statement on Ethereum’s status has sparked speculation and debates concerning the legal aspects pertaining to different cryptocurrencies.

In a lighthearted moment, Congressman Ritchie Torres raised an inquiry about transactions involving tokenized Pokémon cards during the hearing. Gensler responded cautiously, expressing the need for additional information to assess whether buying a tokenized Pokémon card on a blockchain could potentially be classified as a security transaction. Nevertheless, he affirmed that the sale of a conventional Pokémon card does not fall under the category of a security transaction.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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