Key Takeaways
SEC Chair Gary Gensler compared Bitcoin to gold in a CNBC “Squawk Box” interview while discussing the digital asset’s speculative nature ahead of his departure from the regulatory agency.
Gensler stated that Bitcoin is a highly speculative and volatile asset, but its global appeal is comparable to that of gold, which has been traded for thousands of years. He also acknowledged that Bitcoin might evolve into something else in the future.
Gensler cautioned that most tokens, apart from Bitcoin, could potentially fall under securities laws, which would require proper disclosures to safeguard investors against fraud and manipulation.
During his tenure, Gensler oversaw the approval of Bitcoin and Ether ETFs, as well as implemented financial market reforms such as shorter settlement cycles and increased transparency in US Treasury trading.
Gensler’s approach to overseeing the crypto market was characterized by strong enforcement actions, which drew criticism from industry participants who desired clearer regulatory frameworks.
Reflecting on his tenure, Gensler emphasized that the SEC operated within the boundaries of laws set by Congress and prioritized investor protection.