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Cryptocurrency News Articles
SEC's Gensler Won't Reveal His View on Trump's Bitcoin Reserve, Reiterates Bitcoin Isn't a Security
Sep 27, 2024 at 03:05 pm
Gensler was responding to CNBC's question on whether the SEC chair was "warming up to top-tier crypto?"
SEC Chair Gary Gensler declined to reveal his view on Donald Trump's proposal to keep the government's bitcoin holdings as the core of the strategic national bitcoin stockpile.
Gensler was responding to a question from CNBC's Joe Kernen on Thursday. The CNBC host had asked the SEC chair a question on whether the top U.S. financial regulator was "warming up to top-tier crypto?"
"We have a vast number of crypto tokens that are out there, and many of them are trading on a couple of different exchanges. What is the SEC's view on that?" Kernen asked.
"Where are you on what's called altcoins, there's 15 or 20 thousand of them. Where are you Joe?" Gensler retorted.
Kernen then asked Gensler about Trump's recent suggestion that the government should keep its bitcoin holdings as the core of the strategic national bitcoin stockpile.
"The Trump administration recently put out a proposal to keep the government's bitcoin holdings as the core of the strategic national bitcoin stockpile. What do you think about that?" CNBC's host asked.
Gensler declined to reveal his view on the matter, citing his role as a regulator and the upcoming election.
"I have a view but given my role and also we are in election season so for the listening public I will stick to my chalk lines which are securities markets and chairman Powell and others can speak to that," Gensler said.
However, Gensler did reiterate his stance that bitcoin is "not a security," adding that there is now a way for the public to "buy into that" through exchange-traded products, which were approved by the SEC in January.
Apart from bitcoin, Gensler has maintained that the vast majority of other tokens fit the legal definition of securities that are rightfully under the SEC's jurisdiction. This position remains despite industry push back, lawsuits against the SEC and a recent hammering the SEC got for two hours during a congressional hearing titled "Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Asset."
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