BTC, ETH, and LTC Are Not Securities, Affirms Gensler

1. In a 2018 video, Gensler, current SEC chair, stated BTC, ETH, and LTC are not securities.
2. His statement contrasts with recent SEC actions, which have labeled many cryptos as securities.
3. None of the four cryptos mentioned by Gensler in 2018 have been tagged as securities by the SEC.

The cryptocurrency community has been set ablaze by the emergence of a 2018 video featuring Gary Gensler, the current chair of the United States Securities and Exchange Commission (SEC). In the video, Gensler categorically states that prominent cryptocurrencies – Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) – are not securities.

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The video, shared widely across social media platforms, hails from a Bloomberg-hosted event for institutional investors, where Gensler, then an MIT professor, imparted his view. “Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? They’re not securities,” Gensler avowed.

This revelation is in stark contrast to Gensler’s current actions as SEC chair, where he has intimated that all cryptocurrencies, bar Bitcoin, could potentially be classified as securities. 

Furthermore, since his appointment, the SEC has identified at least 68 cryptocurrencies as securities through various lawsuits. However, the ‘big four’ – BTC, ETH, LTC, and Bitcoin Cash, mentioned by Gensler in 2018, have notably been exempted from this list.

Despite these classifications, the future of cryptocurrencies remains buoyant and resilient. The regulatory landscape, though challenging, is an important step in the maturation and mainstream acceptance of cryptocurrencies. 

Even amidst litigation and regulatory scrutiny, these innovative digital assets continue to show promise, showcasing their ability to revolutionize financial systems and beyond. The unfolding story of cryptocurrency is one of resilience, constant evolution, and a testament to the power of decentralized innovation.

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