In an interview given to CNBC, SEC Chair Gary Gensler said that he did not believe Bitcoin to be security and...
Author: Sahil Thakur
Written On: Fri, 27 Sep 2024 07:17:53 GMT
In a recent interview with CNBC on September 26, 2024, SEC Chairman Gary Gensler clarified that Bitcoin does not meet the definition of a security under U.S. securities laws. This statement came as a surprise to some, as the SEC under Gensler’s leadership has been highly focused on regulating the broader cryptocurrency market, often classifying other digital assets as securities. Gensler pointed to the approval of Bitcoin spot ETFs earlier this year, which are now trading on major exchanges like Nasdaq and the New York Stock Exchange, as evidence of Bitcoin’s unique regulatory treatment.
Despite Bitcoin’s exemption from being labeled a security, Gensler warned that many other cryptocurrencies fall under the SEC’s regulatory purview. He argued that trust and transparency are crucial for innovation, stating, “Innovations do not thrive unless they also build trust.” This reinforces the agency’s focus on protecting investors and ensuring compliance with federal regulations across the crypto landscape.
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