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FameEX Hot Topics | SEC's Gensler States in Early Video that BTC and ETH are "Not Securities"

2023-06-13 16:51:45

A recently surfaced video featuring Gary Gensler, the current chair of the United States Securities and Exchange Commission (SEC), has caught attention on social media. The video, believed to be from a 2018 event, shows Gensler stating that several cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), are "not securities." This statement contrasts with Gensler's recent enforcement actions in the crypto space as the SEC chair, where he has classified many cryptocurrencies as securities.

During the video, Gensler, who was a professor at the Massachusetts Institute of Technology (MIT) at the time, emphasized that the mentioned cryptocurrencies were not considered securities. However, it should be noted that this video predates his appointment as the SEC chair by approximately two years. While Gensler's earlier stance on certain cryptocurrencies as non-securities has raised eyebrows, his recent actions as SEC chair have shown a stricter approach. The SEC has initiated numerous lawsuits classifying at least 68 cryptocurrencies as securities, though the four mentioned in the 2018 video have not been included in this list.

The video also reveals another contrast in Gensler's views, particularly regarding Ether. In April, during a hearing before a U.S. House Committee, Gensler refused to provide a clear answer when asked if ETH was considered a security. Additional videos have surfaced this year, featuring Gensler discussing cryptocurrencies during his time at MIT. In a 2019 video that circulated in April, Gensler praised Algorand as "great technology." However, during the same week, the SEC filed a lawsuit against crypto exchange Bittrex, alleging that its token ALGO was a security. This led many in the crypto industry to criticize Gensler as being inconsistent.

In another video from 2018 that circulated in April, Gensler can be seen teaching a class at MIT, where he suggests that three-quarters of the market consists of "non-securities" such as commodities, cash, and crypto. While Gensler made these comments before his tenure as SEC chair, some individuals in the crypto space have accused him of hypocrisy. In fact, a U.S. lawmaker introduced a bill aimed at removing Gensler from his position, alleging abuse of power.

The surfaced videos and Gensler's evolving stance on cryptocurrency classification have ignited debates and raised questions about regulatory consistency within the SEC. As the crypto industry continues to evolve, Gensler's actions and statements are closely scrutinized by market participants and lawmakers alike.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.s

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