In a statement, SEC Chairman Gensler referred to Bitcoin as the only commodity cryptocurrency.
Possible Reason
Although the SEC has always referred to cryptocurrencies as securities for their own right, the agency currently appears to be turning away from Bitcoin as a result of the rising popularity of the bitcoin among American politicians. Therefore, Gensler indirectly implies that he must give up only bitcoin and that he is still chasing the remainder of the cryptocurrency by categorising "only bitcoin" as a commodity.
MAN OF MOCKERY
People are now making fun of Gensler;
- Bitcoin vs BTC - Some have reminded Gensler of his perspective on separating Bitcoin and BTC; some believe that, if given the chance, Gensler may meddle with bitcoin by claiming that BTC is a security.
- Bitcoin Value:- Today Bitcoin's value fall after Gensler's assertion, so some people are even claiming that Gensler caused today's decline, and market will not recognise bitcoin as a commodity on his assertion.
Thoughts
No matter what SEC do, neither Bitcoin, nor any other crypto is controllable by one agency or one country. So Gensler's assertion isn't going to give him jurisdiction of any crypto.
