Gensler emphasizes the importance of protecting investors and consumers, stating that without trust and protection, the innovation sector cannot survive.
Author: Amitoj Singh
Translation: Koala, Mars Finance
In response to CNBC's question about whether the chairman of the U.S. Securities and Exchange Commission (SEC) is "interested in top cryptocurrencies," Gensler said.
Chairman of the SEC, Gary Gensler (Nikhilesh Dey/CoinDesk)
SEC Chairman Gary Gensler once again stated that Bitcoin is not a security, "you can now express that view by buying ETF products."
Given that it is currently the election season, Gensler refused to disclose his views on Donald Trump's proposal to establish a strategic Bitcoin reserve plan for the United States.
"Disliking rules does not mean there are no rules," he insisted that existing laws give the SEC the authority to regulate the cryptocurrency sector.
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler reiterated his position that Bitcoin (BTC) "is not a security," but in an interview with CNBC on Thursday, he once again emphasized the need for regulatory clarity in the cryptocurrency sector.
Gensler said, "Regarding Bitcoin, both my predecessor and I have said that it is not a security. Now you have a way to truly express that view—by purchasing it through exchange-traded products." Such products received SEC approval in January, marking a significant shift in the agency's stance on the cryptocurrency sector.
In response to CNBC's Joe Kernen asking the chairman of the U.S. Securities and Exchange Commission if he is "interested in top cryptocurrencies?"
"How much do you know about so-called altcoins? There are 15,000 to 20,000 of them there," Gensler asked.
Gensler refused to disclose his thoughts on Donald Trump's "core" idea of "establishing a national strategic Bitcoin reserve plan using the assets currently held by the government."
"I have a view, but given my role, and we are in the election season, so for the audience, I will stick to my bottom line, that the chairman of the securities market, Chairman Powell and others can comment on this."
In addition to Bitcoin, Gensler insists that the vast majority of other tokens meet the legal definition of securities, and these securities should fall within the SEC's jurisdiction. Despite industry pushback, lawsuits against the SEC, and a fierce two-hour grilling of the SEC in a recent congressional hearing titled "Confusion and Frustration: Breaking the SEC's Politicized Approach to Digital Assets," this position still stands.
When CNBC asked if the SEC regulates through litigation, Gensler argued once again that existing laws give his agency the authority to oversee the crypto sector.
"Disliking rules does not mean there are no rules."
Gensler also stated that he does not know to what extent Bitcoin will develop in 20 years, but he feels that "this sector will face the challenge of building trust," and when "there are so many scammers, fraudsters," it "already" faces challenges.
Gensler said on Thursday, "Look at this sector, the leaders in the crypto sector two years ago. Many of them are now in jail, I'm not just talking about SBF… there are also hundreds of billions of dollars in losses and bankruptcies, and so on." "If there is no trust and protection for investors or consumers, which innovation sector in the United States can survive?"
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