As crypto’s sheriff prepares to hang up his spurs, SEC Chair Gary Gensler took the opportunity Tuesday to separate Bitcoin from the rest of the herd, which he says still has to prove it has any true value.

In an appearance on CNBC’s “Squawk Box,” Gensler said that he believes Bitcoin is still a risky bet, but the leading cryptocurrency could morph into a different type of asset as financial market participants worldwide trade Bitcoin in a similar fashion to precious metals like gold.

“I think that 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 […] have gold for 10,000 years,” Gensler said. “We have Bitcoin. It might be something else in the future, as well.”

Gensler plans to resign from his leadership position next week, passing off the agency’s reins alongside President-elect Donald Trump’s inauguration. Under Gensler’s watch, the SEC has engaged in what advocates describe as a regulatory blitz, issuing enforcement actions against crypto firms for allegedly violating its rules. 

Go to Source to See Full Article
Author: André Beganski