Bitcoin, a commodity? SEC’s Gensler certainly thinks so…

ambcrypto.com:

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler discussed his opinions on cryptocurrencies, including Bitcoin, in an interview with Mad Money host Jim Cramer on CNBC recently. According to Gensler, Bitcoin is a commodity. The SEC, the Commodity Futures Trading Commission (CFTC), and banking regulators would also collaborate to oversee the cryptocurrency market, he emphasized. 

“This is a highly speculative asset class. We’ve known this for a long time,” he said.

The official went on to explain that when individuals invest in “Bitcoin and hundreds of other crypto tokens,” they aspire for a return, “much like when they invest in other financial assets” that are securities. In fact, the SEC Chair also cited the “ups and downs of this speculative asset class.”

Many of these “crypto-financial assets,” according to Gensler, contain “the key qualities of a security.” He described the following in contrast, stating what his “predecessors and others had said,

“Some, like Bitcoin, and that’s the only one I’m going to say … are commodities.”

Gensler’s claim is in line with the one made earlier this month by Rostin Behnam, Chairman of the CFTC. In fact, Behnam also claimed that Ether (ETH) is also a commodity.

Many Bitcoin proponents were quick to appreciate Gensler’s clarification. Eric Weiss, for instance, tweeted,

“Gensler is the 2nd consecutive SEC Chair to declare that bitcoin is a commodity, making it all but impossible for this classification to be altered in the future. Very significant indeed.”

The pro-Bitcoin CEO of Microstrategy Michael Saylor has also opined, 

“Bitcoin is a commodity, which is essential for any treasury reserve asset. This allows politicians, agencies, governments, and institutions to