• Gensler is stepping down from his position on January 20
• He called Bitcoin a highly speculative volatile asset
• Gensler admitted to never owning any crypto

CNBC anchor Joe Kernen’s interview with SEC Chair Gary Gensler was nothing short of spirited. With Gensler stepping down on January 20, their discussion offered pointed exchanges on crypto policies and Bitcoin’s classification.

Gensler said that in terms of Bitcoin, the SEC never claimed it’s a security. However, after being pressed by Kernen to give his thoughts, he shared this:

“I think Bitcoin is a highly speculative volatile asset, but with 7 billion people around the globe, 7 billion people want to trade it. Just like we had gold for 10,000 years, we have Bitcoin. It might be something else in the future as well.”

He continued with his remarks on the crypto world, saying:

“These other thousands of projects need to show their use case and show that they actually have fundamentals underlying them or they won’t persist.”

After being (jokingly) grilled by Kernen that he owns Bitcoin, Gensler admitted he never owned any cryptos.

Who is Gary Gensler?

During his tenure as the SEC Chair, Gensler was a staunch critic of cryptocurrencies and the industry as a whole. One of his main criticisms was for its highly speculative nature, as he heartily argued on the speculative nature of most crypto projects, likening them to high-risk ventures with uncertain returns.

He also stated that the majority of crypto projects, excluding Bitcoin, closely resemble high-risk venture capital endeavors with limited potential returns for investors.

During the outgoing Chair’s tenure at the SEC, nearly 100 enforcement actions were initiated, reflecting the robust regulatory approach implemented during his leadership.

Despite all of this, cryptocurrency accessibility increased significantly during Gensler’s tenure. Notably, the SEC approved exchange-traded funds tracking the spot price of Bitcoin in January 2024.

These ETFs facilitated easier access to Bitcoin for investors, eliminating the need for substantial upfront investments often associated with direct Bitcoin purchases.

All things considered, a lot of crypto enthusiasts are glad he will be gone next week, but we have yet to see how his replacement will impact the crypto world.