- Gary Gensler expressed this opinion in an interview with NY Magazine.
- The head of the Commission lists only BTC as a commodity due to the specifics of its development
Yesterday, February 23, New York Magazine published interview with SEC Chairman Gary Gensler. In it, he commented on the bankruptcy of FTX, scolded some crypto projects and once again stated that ETH refers to securities.
“We live in a world where Amazon stock and US Treasury bonds have been digital for a long time. Theoretically, you can take this entire $24 trillion market, put it on the blockchain, and it will get out of the regulation of the federal authorities, ”said Gensler.
He believes that the Securities and Exchange Commission (SEC) has enough legal tools to take control of the cryptocurrency industry. Outside the regulatory field of the regulator are only spot transactions in the Bitcoin chain and transactions for the purchase of real goods and services for “crypto”.
“Everything except bitcoin. You can find a website, a group of entrepreneurs, a legal entity, for example, a foundation created in some offshore haven. But all this is a sham. Behind all this is a group of people who are promoting the token and trying to attract investors” — notes the head of the regulator.
Therefore, only BTC and its derivatives can be considered a commodity. All other tokens, including ETH, are primarily an investment instrument, the owner of which invests not for the value of the asset, but for profit. This is far from the first time the SEC is trying to take control of Ethereum. The thesis that ETH is a derivative has been repeatedly voiced. We have discussed this topic in detail in a separate article.