According to CNBC, Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), has acknowledged that the watchdog agency views Bitcoin as a commodity. He emphasized that cryptocurrencies are a kind of speculative assets. People expect to earn when they invest in “Bitcoin and hundreds of other tokens.” He claims that many of these “assets” are controlled by the Commission and have many characteristics of securities. Gensler stated:
“Some, like Bitcoin, and that’s the only one. I’m gonna say because I’m not going to talk about any one of these tokens but my predecessors and others have said they’re a commodity.”
The SEC chairman’s remarks have received a favorable response from Bitcoin advocates.
Blockchain Investment Group’s founder, Eric Weiss, has stated:
“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.”