SEC Chair Gary Gensler Confirms Bitcoin is Not a Security

SEC Chair Gary Gensler confirms that Bitcoin is not a security and highlights its distinction from traditional securities. Learn more about the hearing and Gensler's views on cryptocurrencies.

Posted 6 months ago in Blockchain

SEC Chair Gary Gensler testifying before the Financial Services Committee During a hearing before the Financial Services Committee, SEC Chair Gary Gensler reiterated his position on Bitcoin, stating that it is not a security. In response to questions from Republican committee chair Patrick McHenry, Gensler clarified that Bitcoin does not meet the requirements of the Howey test, which is used to determine whether an asset is a security or not. While Gensler refrained from explicitly categorizing Bitcoin as a commodity, he emphasized its distinction from securities.Gensler's views on the classification of other cryptocurrencies like Ethereum (ETH) have also been a topic of discussion. In an interview with New York Magazine, he hinted that Ethereum could be considered a security, further fueling speculation about the legalities surrounding various cryptocurrencies.During the hearing, Congressman Ritchie Torres lightened the atmosphere by asking about tokenized Pokemon cards. Gensler responded cautiously, stating that he would need more information to determine whether purchasing a tokenized Pokemon card on a blockchain could be considered a security transaction. However, he clarified that the sale of a traditional Pokemon card is not a security.

Last updated 9/28/2023, 5:00:53 PM


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