Gary Gensler’s Final Days at the SEC Highlight Bitcoin’s Unique Status in the Crypto World
As Gary Gensler prepares to step down as SEC Chair, his latest remarks underscore his belief in Bitcoin’s distinct position within the cryptocurrency ecosystem. Speaking on CNBC’s Squawk Box on Tuesday, Gensler reiterated that while Bitcoin remains a volatile and speculative asset, it shares traits with commodities like gold, a comparison he has frequently drawn during his tenure.
“Bitcoin is highly speculative, but 7 billion people across the globe might trade it like we’ve traded gold for thousands of years,” Gensler stated. He hinted that Bitcoin could evolve further, potentially transforming into a widely accepted global asset class.
Under Gensler’s leadership, the SEC launched an aggressive campaign of enforcement actions against crypto firms, drawing praise and criticism alike. However, his stance has consistently separated Bitcoin from other digital assets, which he says still need to prove their long-term value.
Beyond Bitcoin, Gensler maintained skepticism about the broader cryptocurrency market. He emphasized that many digital assets lack the fundamental use cases necessary for longevity. “Assets beyond Bitcoin must show their utility and solid fundamentals, or they won’t last,” Gensler declared.
Despite his firm stance, Gensler’s SEC approved spot Ethereum ETFs, marking a significant shift in the agency's view of the cryptocurrency. However, Gensler has avoided defining Ethereum’s regulatory status, leaving that debate unresolved for his successor.
The impending change in leadership could signal a shift in regulatory tone. Former SEC Commissioner Paul Atkins, seen as more crypto-friendly, is poised to take the reins if confirmed. Reports suggest that President-elect Donald Trump’s administration may push for greater coordination among regulatory bodies to clarify crypto oversight.
As Gensler’s tenure comes to a close, his legacy will likely center on his cautious approach to crypto and his insistence on separating Bitcoin from the pack. His steadfast belief in the need for transparency and disclosure will continue to shape the SEC’s perspective on the evolving digital asset landscape.