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BlockNews
Home CRYPTO

Gary Gensler Reiterates Bitcoin is NOT a Security

Michael Juanico by Michael Juanico
September 26, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
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  • Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), reiterated that Bitcoin is not a security under SEC regulations.
  • Gensler acknowledged Bitcoin’s unique position but emphasized the need for strong investor protections in the broader cryptocurrency industry.
  • Gensler dismissed claims that crypto regulations are confusing, citing high-profile failures and legal actions as evidence of vulnerabilities in the sector.

Gary Gensler, chair of the Securities and Exchange Commission (SEC), has once again stated that Bitcoin does not meet the SEC’s definition of a security. His comments reinforce the SEC’s hands-off approach to regulating Bitcoin directly.

ICYMI: 🇺🇸 SEC chair Gary Gensler states AGAIN that #Bitcoin is NOT a security

— BlockNews.com (@blocknewsdotcom) September 26, 2024

Gensler Highlights Bitcoin ETF Approvals

In a CNBC interview on September 26, 2024, Gensler pointed to the approval of spot Bitcoin ETFs currently trading on major exchanges like Nasdaq and the New York Stock Exchange. He said this is evidence that Bitcoin works outside the SEC’s securities framework.

The divergence between Bitcoin and other cryptocurrencies has been a focus in recent regulatory discussions. Gensler has said many altcoins may fall under the SEC’s definition of securities.

Need for Trust and Investor Safeguards

While acknowledging Bitcoin’s unique status, Gensler emphasized the larger cryptocurrency industry is subject to strict SEC monitoring. He underlined the need for trust and investor safeguards in the fast-expanding crypto market.

“Innovations do not thrive unless they also build trust,” Gensler stated.

In response to complaints from the crypto sector about unclear regulations, Gensler dismissed the notion that the rules are confusing. He cited high-profile legal cases against crypto executives as proof the SEC is actively enforcing securities laws.

Impartial on Bitcoin’s Future Role

When asked about Bitcoin’s potential significance in the global economy, Gensler declined to speculate. He maintained an impartial view on the cryptocurrency’s future.

However, Gensler stressed broader crypto adoption requires strong investor protections. Without these safeguards, the industry will struggle to gain trust.

The Bottom Line

Gensler used the latest interview to reinforce the SEC’s nuanced stance on Bitcoin. While Bitcoin itself appears to fall outside securities laws, the wider crypto industry remains under strict SEC oversight.

According to Gensler, this oversight is necessary to build investor trust. He argues comprehensive regulation is the only way crypto can reach mainstream adoption.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinCNBCGary GenslersecSpot bitcoin ETFs
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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