The crypto space is paying close attention to the US Securities and Exchange Commission (SEC) again, as Chairman Gary Gensler made some bold statements regarding Bitcoin.
Read CRYPTONEWSLAND onhttps://twitter.com/DocumentingBTC/status/1541437342401150982
As heard during the interview, Gensler is willing to acknowledge Bitcoin as the only cryptocurrency that may be considered a commodity. This effectively makes every altcoin a security in Gensler’s eyes.
However, many people in the crypto industry claimed that Gensler openly claimed Bitcoin is a commodity. This, unfortunately, is not entirely the case. Hailey Lennon, Partner at Anderson Kill, said the tweets of these people are “misrepresenting” Gensler’s statements.
Basically, Gensler’s statement is not tantamount to saying Bitcoin is a commodity — he is only hinting at the possibility of Bitcoin becoming one. Moreover, Gensler’s statement is not necessarily the official statement of the SEC.
Should Gensler’s words become the stance of the SEC, then it means Ethereum will then become considered a security. This may cause problems for some former SEC officials who are now working at companies that dabble with Ethereum.
For instance, ex-SEC Director William Hinman has financial ties to Simpson Thatcher & Bartlett, a law firm that is a member of the Enterprise Ethereum Alliance. Hinman is the one who famously said that Ethereum is not considered a security.
Meanwhile, then-Chairman Jay Clayton has joined Fireblocks, a crypto custodian.
Explore how #BlockDAG's recent $27.7M raise and dashboard upgrade positions it against Dogecoin and #BinanceCoin…
#Cardano roars back to $0.48, igniting investor optimism with a surge in trading volume and…
#XRP's potential surge to $18? Analysts analyze the bull flag pattern amidst Ripple's legal battle…
#Tether develops a #P2P financial terminal using #Holepunch tech to enhance market stability and decentralize…
#Ethereum bulls charge ahead! Bullish signals abound, but market volatility looms. Will #ETH break resistance…
#Binance Labs supports Magic Square's new #IDOplatform focusing on equitable #Web3 investment access.#MagicSquare