SEC Chairman Gary Gensler discussed the future of Bitcoin and Ethereum amidst possible regulatory changes in the US.
Bitcoin: The New Gold?
In his CNBC appearance, Gary Gensler compared the potential future of Bitcoin to gold. Despite Bitcoin's volatility and speculative nature, he highlighted its global scale, involving about 7 billion people. If a significant portion of these individuals begins to treat Bitcoin like gold, it could carve a unique niche in the financial ecosystem.
Ethereum's Status: Not a Security
In a Yahoo Finance interview, Gensler clarified that the SEC does not classify Ethereum as a security. This clarification alleviated some of the uncertainty following the SEC's inquiry into Consensys. Although no charges were made regarding unregistered securities, the inquiry underscored the need for clear regulatory frameworks in the cryptocurrency space.
Changes in Regulatory Approaches
Gensler emphasized the importance of foundational principles in the cryptocurrency sector, pointing to the need for crypto projects to disclose accurate information. With the appointment of new SEC chairman Paul Atkins, a crypto advocate, a shift from an enforcement-based to a guideline-driven approach might be expected.
With Gary Gensler's departure and new leadership, the SEC's focus may shift towards a more rules-guided approach to cryptocurrency regulation.
