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Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), told Mad Money host Jim Cramer on Monday that Bitcoin is a commodity.
Appearing on the CNBC network show, the SEC Chairman clarified his position on cryptocurrencies and in particular Bitcoin. Furthermore, he emphasized that the SEC, the Commodity Futures Trading Commission (CFTC), and banking regulators will work together closely to monitor the crypto sector.
When asked about cryptocurrency, Gensler said:
“This is a highly speculative asset class. We’ve known this for a long time.”
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Furthermore, detailing the “ups and downs of this speculative asset class,” he noted that “just like when they invest in other financial assets” that are securities, people are hoping for a return when they invest in “Bitcoin and hundreds of other crypto tokens.”
The chairman continued and made it clear that many crypto assets are showing “key attributes of a security.”
Nevertheless, Gensler said:
“Some of them … are under the Securities and Exchange Commission. And some … like Bitcoin, and that’s the only one I’m going to say … are commodities.”
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The SEC haed also commented on the SEC collaborating with other regulators to oversee the crypto sector, emphasizing that there are currently a lot of crypto tokens that are non-compliant. About stablecoins, Gensler said:
There’s work to be done there around stablecoins … There’s a lot of work to be done to really protect the investing public.
Last week SEC Chairman warned investors about crypto lending platforms with products that seem too good to be true. Just this week, Brad Garlinghouse, CEO of Ripple Labs, called hypocrisy when he accused the regulator of randomness when applying its policies to different players in the crypto industry.