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A significant development occurred late yesterday for cryptocurrency investors, which we shared with you as breaking news. As we mentioned in Sunday’s weekly summary, SEC Chairman Gensler will be testifying before the House Financial Services Committee in Congress today at 5:00 PM. The speech text was published in advance, but there is another detail that makes this program important.
SEC Chairman’s Crypto Remarks
Gensler, the nightmare of crypto investors, has done everything he can. Lawsuits against major exchanges, labeling major altcoins as securities, and much more. Now, he is trying to keep political support alive by explaining why he is doing all of this.
There is not much different in the pre-shared text for today’s speech compared to his previous statements.
- There is no reason for cryptocurrencies to be exempt from our existing laws.
- Most cryptocurrencies comply with the investment contract pattern that meets the definition of securities from 1930.
- Cryptocurrency exchanges must fulfill the requirements such as registration with our institution.
- We have already published recommendations for SEC regulations. We have provided our advice for qualified custodians.
- I will not comment on ongoing lawsuits.
Spot Bitcoin ETF
Gensler received a letter yesterday. Today, the four members who testified before him said that he should approve the spot Bitcoin (BTC) ETF. Gensler, who approved the futures ETF under the same conditions, rejected the applications citing price manipulation for the Spot ETF. However, the recent Grayscale case decision says that this was a wrong move.
The Representatives said that the institution should give approval without further stubbornness; otherwise, this attitude would be inexplicable in the future.
During his statement today, Gensler probably won’t say anything different about the ETF. The only thing that can be said as new was his response to a question asked by McHenry around 5:30 PM.
“McHenry: What makes Bitcoin not a security?
Gensler: It does not meet the Howey Test. It is not a security.”
Thus, Gensler clearly declared that the king of cryptos is not a security.
