coinpedia.org
In a surprising turn of events, a video featuring Gary Gensler, the current chair of the U.S. Securities and Exchange Commission (SEC), has resurfaced, revealing his more lenient views on certain cryptocurrencies.
The footage, which dates back to the 2018 event, captured Gensler asserting that Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) are “not securities.”
Later on June 12, numerous Twitter accounts shared the video, sparking discussions within the crypto community. Why did I name those four? They’re not securities,” Gensler says in the video.
SEC Chief Gensler’s 2018 Video Reveals Ethereum and Litecoin Exempted from ‘Securities’ Tag”
During that period, Gensler served as a professor at the esteemed Massachusetts Institute of Technology (MIT), and the video predates his appointment as SEC chair by approximately two years. His recent actions at the SEC, which involved increased enforcement actions on the crypto industry, contrast with his previous statements.
While Gensler’s current stance implies that all cryptocurrencies, except Bitcoin, fall under the category of securities, the four mentioned cryptocurrencies from the 2018 video have yet to receive such classification by the SEC.
However, Gensler’s evasive response to inquiries about whether ETH qualifies as a security during an April U.S. House Committee hearing has raised significant concerns and prompted further scrutiny.
Gensler’s Conflicting Views on Cryptocurrencies Under Scrutiny”
Other videos of Gensler from his time at MIT have also surfaced, showcasing similar comments about cryptocurrencies. In a 2019 video, he praised Algorand as “great technology,” but shortly after, the SEC sued crypto exchange Bittrex, alleging that Algorand (ALGO) was a security, leading to criticism of Gensler’s perceived inconsistency.
Despite these videos pre-dating Gensler’s SEC tenure, many in the crypto space have accused him of being hypocritical in his regulatory actions. A U.S. lawmaker even introduced a bill with the aim of removing Gensler from his position, citing alleged abuses of power.
Considering cryptocurrencies as commodities or securities, the SEC’s stance on cryptocurrencies has raised more questions, debate, and scrutiny than before over Gensler’s approach to crypto regulations.