Before leaving his position as SEC Chairman, #GaryGensler continued to emphasize the differences of Bitcoin compared to other digital assets, while expressing skepticism about the true value of most cryptocurrencies today.
Bitcoin – Speculative Asset But Special
In an interview on #CNBC Gensler stated that Bitcoin is a speculative and highly volatile asset, but has the potential to become a type of asset similar to gold.
"Bitcoin may be something different in the future, just like how we have used gold for thousands of years."
Gensler emphasized that $BTC is unique and has more sustainable value compared to other cryptocurrencies, which need to prove their practical usage and fundamental basis to survive long-term.
Controversial Achievements in the Role of SEC Leadership
Under Gensler's leadership, the SEC has implemented many strong measures against crypto companies accused of regulatory violations. This has led the crypto community to criticize the SEC for being too strict and unclear in its approach.
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While Gensler has repeatedly asserted that only Bitcoin is a commodity, other assets like Ethereum and Solana remain the center of controversy regarding legal classification. In 2023, the SEC approved Bitcoin and Ethereum ETF funds, implicitly recognizing their commodity nature.
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The Future of SEC Under the New Administration
Paul Atkins, the nominee to succeed Gensler, is predicted to have a more crypto-friendly approach. One of the early initiatives of the Donald Trump administration was to promote cooperation between the SEC and other agencies to unify the legal framework for the industry.
Conclusion
Despite soon leaving office, Gensler still holds the view that Bitcoin is an exception in the risky world of crypto. However, with the change in leadership and a new approach, the future of the crypto industry in the U.S. may enter a new and more promising chapter.
Investors should closely monitor legal developments to formulate appropriate strategies.