TL;DR Breakdown
- A video where Gary Gensler talked about digital assets has resurfaced amid regulatory concerns.
- Controversy surrounds past statements and current enforcement.
A recently circulated video featuring Gary Gensler, the current chair of the United States Securities and Exchange Commission (SEC), has sparked discussions within the crypto community. The video, believed to be from a 2018 event hosted by Bloomberg, shows Gensler stating that several cryptocurrencies are “not securities.”
Gary Gensler says BTC and ETH are not securities
During the event, Gensler, who was a professor at the Massachusetts Institute of Technology at the time, mentioned Bitcoin, Ether, Litecoin, and Bitcoin Cash as examples of cryptocurrencies that he considered not to be securities. However, it should be noted that this video predates Gary Gensler’s appointment as the chair of the SEC by approximately two years.
The resurfacing of this video seems contradictory to Gensler’s recent actions as the head of the SEC. In recent months, the SEC has intensified its enforcement actions in the crypto space, leading to the classification of at least 68 cryptocurrencies as securities in various lawsuits. Interestingly, the four cryptocurrencies mentioned by Gensler in the 2018 video have not been included in this list.
Furthermore, Gensler’s stance on Ethereum (ETH) has also drawn attention. When questioned about whether ETH was security during a U.S. House Committee hearing in April, Gensler declined to provide a definitive answer. This refusal to clarify his position further adds to the complexity of his views on cryptocurrencies.
Controversy surrounds Gensler’s old and new stance on cryptocurrencies
Notably, other videos from Gary Gensler’s time at MIT have surfaced, revealing similar comments about the crypto market. In a 2019 video that gained attention in April, Gensler praised Algorand as “great technology.” However, shortly after the video circulated, the SEC filed a lawsuit against crypto exchange Bittrex, alleging that its native token, ALGO, was a security. This led to accusations of hypocrisy within the crypto community. In another video dating back to 2018, which also gained traction in April, Gensler can be seen teaching a class at MIT, where he claims that the majority of the market consists of “non-securities” and includes commodities, cash, and crypto.
While Gensler’s comments in these videos were made before he assumed the role of SEC chair, many individuals within the crypto space have criticized his perceived inconsistency and accused him of abusing his power. A U.S. lawmaker has even introduced a bill calling for Gensler’s removal from office. As the crypto industry continues to navigate regulatory challenges, Gensler’s earlier statements, along with the recent actions of the SEC, have prompted debates and raised questions about the regulatory approach to cryptocurrencies in the United States.
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