US Regulator Confirms BTC Is a Commodity, Won't Comment on Other Cryptos
Crypto Regulation
Modified Date:- Published Date:-Categories: Bitcoins
US Regulator Confirms BTC Is a Commodity, Won't Comment on Other Cryptos
Securities and Exchange Commission (SEC) Chairman Gary Gensler confirmed in a recent interview with CNBC that bitcoin is a virtual commodity. Notably, he declined to comment on the status of any other cryptocurrencies. While the SEC focuses on securities regulation, the CFTC (as its name implies) is responsible for regulating commodities such as oil, gold, silver or wheat.
According to Gensler and his predecessors, you can add bitcoin to that list. Interestingly, former SEC chairman Jay Clayton argued that Ethereum was a commodity, adding that it was sufficiently decentralized.
However, when pressed, Gensler declined to provide a direct response. Watching the passage of time, Etherians have argued that the network is now sufficiently decentralized to constitute a single commodity, although Gensler has so far declined to provide an official view. Bitcoiners are still convinced that bitcoin is the only commodity, which Microstrategy CEO Michael Sayler has repeatedly stated.
Something that was not legally acceptable in the USA before is now going to usher in a wave of new legislation. This will allow US residents the chance to benefit from something that they may never have had a chance to do so before.