Journalist Jennifer Schonberger noted that this status has even become the subject of legal disputes during the approval process for spot cryptocurrency ETFs. She also asked if Gensler had hoped for a different outcome regarding the applications.
"I and my predecessor [Jay Clayton] never spoke about Bitcoin as a security, nor about Ethereum," responded the SEC chairman.
He pointed out that investors had access to these assets even before the introduction of exchange-traded products.
"Under my leadership, we approved a [futures] Bitcoin ETF back in 2021," Gensler added.
He reminded that Clayton opposed such instruments.
"I think investors have better protection with these [spot] ETPs. Much lower fees, oversight from stock exchanges, and disclosure," Gensler said.
Returning to the status of the two leading cryptocurrencies, the SEC chairman refrained from definitively stating that they are not securities. He emphasized that 70-80% of the crypto market is related to Bitcoin and Ethereum, but there are still about 10,000-15,000 digital assets.
"Due to the nature of my work, I always try to be as careful as possible with my language. But I would note, again without making any definitive statements, that investors are putting money into many of these tokens. And think about this in financial terms. Everything here is based on a mix of fundamental principles and sentiment," Gensler explained.
Regarding the community's request for separate legislation for digital assets, the SEC chairman stated that there are time-tested rules in place. These include anti-money laundering regulations, sanctions regimes, commodity and securities laws, and others that many aspects of the crypto industry do not comply with, according to Gensler.He compared claims about the uniqueness of assets to the position of hybrid car owners who might argue that traffic laws were not created for this type of vehicle.
"Don't like the law and regulations? That doesn't mean they don't exist," he emphasized.
Concerning the anticipated change in approach to cryptocurrency regulation under Donald Trump's new administration, Gensler noted that this is part of the democratic process.
"But I really think the public benefits from this 90-year [regulatory] regime. What we at the SEC have done is help promote economic activity and trust in our capital markets," Gensler stated.
He will leave his position on January 20, the day of Trump's inauguration.
It is worth noting that the elected president has nominated crypto-friendly lawyer Paul Atkins for the position of SEC chairman.
