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SEC Chairman Gensler Calls Bitcoin and Other Coins Speculative Asset Class

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Wed, 08/04/2021 - 12:27
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Yuri Molchan
Head of the SEC has referred to Bitcoin and other cryptocurrencies as a speculative asset class and wants more investor protection due to this
SEC Chairman Gensler Calls Bitcoin and Other Coins Speculative Asset Class
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During his recent talk with CNBC's Squawk Box show, Gary Gensler has stated that he views Bitcoin and hundreds of other digital currencies traded by the community as a speculative asset class.

If people want to trade them, he continued, that is fine. However, he insists that Bitcoin, and cryptocurrencies in general, are often linked to fraud, scams and money laundering.

In this regard, he insists that crypto trading platforms (i.e., crypto exchanges) should be put under a regulatory regime to protect traders as if they were trading on the NYSE.

Related
Brad Garlinghouse Slams SEC for Going Back on ETH Non-Security Status

He believes that lack of regulation here is not good for investors, and it is not good for the technology that crypto is based on either.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.