SEC's Gensler Won't Reveal his View on Trump's Bitcoin Reserve, Reiterates Bitcoin Isn't a Security
Gary Gensler, SEC Chair, confirmed that bitcoin is "not a security" and emphasized existing regulatory clarity for the crypto space. He noted that exchange-traded products for bitcoin were approved in January, indicating a shift in the SEC's approach. Gensler refrained from commenting on Donald Trump's proposal regarding a national bitcoin stockpile, citing his role and the election season. He maintains that most other cryptocurrencies qualify as securities under SEC jurisdiction, despite industry pushback and ongoing lawsuits. Gensler argued that the SEC's regulatory authority is based on current laws, stating that discontent with rules does not negate their existence. He expressed concerns about trust in the crypto field, highlighting past fraud and significant financial losses. Binance founder Chang Peng Zhao is set to be released from prison soon.
