In the US, the head of the SEC confirmed that bitcoin is classified as a commodity
The fact that bitcoin is considered by the SEC as a commodity was stated by Commission сhairman Gary Gensler.
On this page
He noted that since cryptocurrencies are speculative assets and people investing money in bitcoin are counting on profit, they have the attributes of securities, which automatically implies that they fall into the jurisdiction of the SEC.
This concerns bitcoin. I won’t talk about this anymore because I don’t want to discuss any tokens, but my colleagues and predecessors have already said that they are a commodity.
Gensler said.
The crypto community was quick to respond to Gensler’s words. Some experts noted that this is not the first time that commission chairmen have said that bitcoin is a commodity in the eyes of the SEC.
The fact that there is the second consecutive SEC chairman to declare that bitcoin is a commodity, makes it all but impossible for this classification to be altered in the future. Very significant indeed.
said Eric Weiss, founder of Blockchain Investment Group.
Microstrategy CEO Michael Saylor also wrote on Twitter that such statements provide an opportunity for the state and institutions to use bitcoin as an asset for economic development.
However, not everyone shares the excitement for the statement about the classification of bitcoin as a commodity. James Seyffart, an ETF analyst, noted that such rhetoric, despite its absolute positivity, is unlikely to influence the adoption of serious decisions by the commission.
The commission’s attitude to bitcoin is nothing new. It’s not bad, but the chances of approving a bitcoin trust conversion to a spot exchange-traded fund next week remain zero.
Seyffart said.
Previously, the commission rejected any attempts to launch a spot bitcoin ETF since it was inconsistent with US securities law standards.
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
