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SEC Chair Gensler Declares Bitcoin Is Not a Security

In a pivotal statement, SEC Chair Gary Gensler confirms Bitcoin is not a security, signaling potential changes in regulatory frameworks for cryptocurrencies.

1 min 10 secSeptember 26, 2024

Highlights:

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Gensler emphasizes Bitcoin's decentralized nature.

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SEC's stance could reshape crypto regulations in the U.S.

SEC Chair Gensler Declares Bitcoin Is Not a Security

In a significant statement, SEC Chair Gary Gensler declared that Bitcoin is not a security during a CNBC interview on September 26, 2024. Gensler clarified that Bitcoin's decentralized nature, lacking a central issuer, aligns it more with a "peer-to-peer decentralized system" rather than a security under federal law. This marks a notable shift in his previous rhetoric, as he has often emphasized the need for regulatory clarity in the cryptocurrency space.

 

 

Gensler's comments come in the wake of the SEC's approval of spot Bitcoin exchange-traded funds (ETFs) earlier this year, which represented a landmark moment for the crypto market. He acknowledged that while Bitcoin is not classified as a security, other cryptocurrencies may still fall under this designation depending on their structure and issuance methods.

 

 

Despite his positive remarks about Bitcoin, Gensler reiterated the SEC's commitment to investor protection and market integrity, stating that “not liking the rules is not the same as denying that there are rules”. His position has sparked debate among lawmakers and industry stakeholders, with some calling for his resignation due to perceived overreach in regulating the crypto sector. As Bitcoin continues to gain traction among investors, Gensler's stance could influence future regulatory frameworks for digital assets in the U.S.

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