US SEC chairman Gary Gensler speaking with Jim Cramer on CNBC has made it clear that Bitcoin is the only crypto he is willing to openly call a commodity.
Gensler speaking with Mad Money host Jim Cramer highlighted the speculative nature of the crypto markets, arguing that most of them shared a lot of similarities with Securities. However, according to Gensler, only Bitcoin and some other digital assets, which he took care not to mention, can be classified as commodities.
“…some like Bitcoin. And that’s the only one, Jim, I’m going to say, because I’m not going to talk about any one of these tokens. But sure, my predecessors and others have said they’re a commodity,” said Gensler.
The SEC chair went on to clarify that to police the emerging crypto markets properly, the SEC was going to have to work with the CFTC and other banking regulators. “There’s a lot of work to be done to really protect the investing public. And many of these tokens right now are … potentially non-compliant,”...
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