Gary Gensler this morning: "Bitcoin is the only one I'm willing to say is a commodity"

  1. Serious question. What’s the difference between the short bitcoin ETF planned to be launched by ProShares and a spot BTC ETF?

  2. tldr; US Securities and Exchange Commission Chairman Gary Gensler said bitcoin was the only cryptocurrency he was prepared to publicly label a commodity, rather than a security, in an interview with CNBC. "Many of these tokens…the investing public is hoping for a return just like when they invest in other financial assets we call securities," he said.

  3. If that's his reasoning then it's a really poor one. Bitcoin is probably one of the coins that is the most speculated on. That has almost become its whole purpose: A "store of value", i.e. speculating that it will hold its value better than fiat. Even maxi whales like Saylor isn't using Bitcoin for anything other than holding (speculating). Meanwhile several other chains like Ethereum sees far more actual spending and usage, reflected in its ten times higher daily total spent fees. That looks much more like a commodity.

  4. K then, pass the goddamn spot ETF and stop exposing people to comparably riskier shit like Short and long futures ETFs.

  5. I'm sure a lot of people would prefer holding a spot ETF than getting hacked and their crypto wallets drained as well. Lowers the barrier to entry by A LOT. Dont' have to understand anything about bitcoin to buy the etf.

  6. The alternative to a Bitcoin ETF isn't to short or 3x or 10x futures or whatever. I really feel the problem is PEOPLE lacking financial education not the SEC here.

  7. What will be interesting is how they handle projects that have settled their lawsuits, paid fines and not required to register as securities.

  8. I expect mostly they'll come for exchanges. It's impossible to go after 20,000 tokens. But if you just say to exchanges, if you're providing a marketplace for illegally unregistered security then we're coming for you... then it's up to the exchanges to regulate themselves.

  9. Except that’s not what he said. Here’s the actual quote: “Some like bitcoin, and that’s the only one I’m gonna say…my predecessors and others have said, they’re a commodity,”

  10. You know what the funny things is, Bitcoin is the only crypto that doesn't care whether he thinks it's a commodity or not, it's quite ironic. It was made to be function regardless of what people like Gary Gensler think about it.

  11. it will function regardless of what he thinks about this. but these comments are important for how it will be regulated moving forward. Bitcoin doesn't care what he thinks, but banks corporations and pension funds sure do.

  12. “Some, like BTC, and Jim that’s the only one I am going to say.” There quote fixed for you so it’s accurate. Obviously there’s more coins then just BTC by this comment.

  13. Maybe for Bitcoin but it's a bit of a slap in the face to other crypto projects. Especially ETH which seems to have established itself as a top tier crypto

  14. Lol I don’t think he’s been watching how the case against XRP has been going. Also kinda funny how the previous thoughts on why ETH being a commodity are now being backtracked.

  15. Anyone unbiased will admit that all coins that did premine and ICO are securities. These are just silicon valley start ups. Nothing different.

  16. Meanwhile BTC is a "store of value" that people hold hoping it'll go up, and ETH is the only major coin that's actually burned as fuel for applications.

  17. EU might try. But it doesn't matter there anyway, energy is expensive. USA will be mostly pro Bitcoin mining

  18. Well then he better hurry up and crack down on all these unregistered securities, notably the one currently on his plate.

  19. lol i like how no one is calling out the fact that this NOT what he said. title is spinning a narrative that didn’t happen.

  20. Why does he answer the crypto/bitcoin security vs commodity quest 1 week before the deadline of the GBTC spot ETF? Normally, if gay gensler doesn’t want to answer a question he just leaves the question unanswered.

  21. If Bitcoin is a commodity, it will be the only one for which society will have to deal with a reduction in supply. A artificially constrained supply that can be altered by adding more BittyCoin-lite. Additionally, unlike other commodities, it lacks a destructive or disposable demand-driven feature.

  22. oh, how convenient. the only crypto that just exists and he cant do anything about and cant take anyone to court over. thanks gary. great job.

  23. This is such a pointless merry-go-round. The industry in the US needs regulation, it needs clarity. It doesn't need Gensler teasing everybody about who he's going to sue next.

  24. Remember when this sub was sucking Gary off because he’d be “good for crypto” because he did a course on it? And anyone who said he’d be just another corrupt asshole got downvoted to hell? Or have those people conveniently forgotten how they behaved?

  25. For anyone wondering, no he did not say bitcoin is the ONLY commodity, it is the only one he, personally and as the SEC boss, is willing at the moment to call comfortably a commodity

  26. Bitcoin had no centralized entity who created the supply privately, nor did it hold a fund-raising "pre-sale". That's the big difference between bitcoin and altcoins.

  27. Gary Gensler this morning: "Enough of my rich friends and influencers own Bitcoin for me to consider it a commodity."

  28. He's given a lecture series at MIT about it. It's on youtube you can go watch it. It's quite clear he has expert level knowledge on bitcoin.

  29. In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them

  30. How does one person have this much power. He clearly has bags of bags btc. Bill passes and fuck him, commodities.

  31. Doesn't matter what he thinks. SEC lawyers are jumping ship because they don't think the SEC will win these cases. Hell even the previous head of the SEC is representing XRP.

  32. Uhh we want competition and so there must be many, but the bar for entry into the market that whatever enters the market should solve a problem (handle more use cases) than the popular ones. 5,000 crypto altcoins don't solve any problems others can't

  33. Bitcoin is obsolete — too slow and uses enormous amounts of electricity. Bitcoin is the 8-track of DLT and will fade and die if it doesn’t convert from obsolete POW.

  34. Good chapter in the book the Infinite Machine about Ethereum discussing when the founders first began building Ethereum and planning for an ICO. A law firm gave the opinion it was a commodity, not a security. The book describes one of the founders thinking: Ether is not just a digital currency used to transfer value. Ether is also used to pay for that transfer, and for any other operation performed on Ethereum through units of “gas.” Akin to gasoline in a car Ether has utility. It’s a good that can be bought and sold and should also be treated as a commodity, like oil.

  35. I am so sick of this dude. They only like Bitcoin because it is clunky and difficult to use aa real trade currency. IE: presents little or no threat to modern banking.

  36. Keep an eye on the Ripple-SEC lawsuit. Unless Congress gets off its fat ass and actually does something, then that case could very well have a far reaching impact beyond just the designation of XRP.

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