SEC Chairman Gensler Doesn't Reveal His Position on Trump's Bitcoin Reserve, Reiterates That Bitcoin Is Not a Security

In a recent interview with CNBC, Gensler was asked about his position on leading cryptocurrencies. Gensler stressed that his position remains the same: "My predecessor and I have repeatedly stated that Bitcoin is not a security. And now you have the opportunity to express that opinion through exchange-traded products that have already been approved by the SEC." This change in the agency's approach to cryptocurrencies occurred in January, when Bitcoin ETFs were approved.

When asked by CNBC journalist Joe Kernen whether the SEC's attitude toward leading cryptocurrencies has changed, Gensler gave an evasive answer, avoiding commenting on Trump's idea to create a national Bitcoin reserve. He explained that "in the context of the election and my role, I would prefer not to discuss it."

Gensler also reiterated that most other tokens besides Bitcoin fall under the definition of securities and, therefore, are under the jurisdiction of the SEC. Despite objections from the industry and litigation involving the Commission, Gensler continues to insist that current laws give the SEC the right to regulate cryptocurrencies. When asked if the SEC is acting through lawsuits, Gensler responded: "Just because someone doesn't like the rules doesn't mean there aren't any."

Gensler also expressed doubts about the future of Bitcoin, saying that "there is a huge challenge in building trust in this space." He noted that there are already significant problems with fraud and loss in the crypto space. "Many of the people who were at the forefront of crypto two years ago are in jail today. I'm not just talking about Sam Bankman-Fried (SBF), but many other cases where tens of billions of dollars were lost," he added.

In closing, Gensler emphasized the importance of building trust in any innovative field so that it can survive and continue to grow.