Gensler Singles Out Bitcoin as Only Legitimate Crypto Commodity

Former SEC chair Gary Gensler has made it clear that in his opinion, only one cryptocurrency holds lasting value: Bitcoin. In a recent interview, he stated that of the thousands of digital tokens in existence, Bitcoin is the only one that meaningfully resembles a commodity.

Gensler pointed to Bitcoin's decentralized structure and global recognition as key factors setting it apart from other cryptocurrencies. He also acknowledged dollar-backed stablecoins as a distinct category, but for the broader market of altcoins, his verdict was blunt: thousands of tokens are sustained by the expectation that someone will pay more for them later.

This view is consistent with Gensler's previous stance during his time leading the SEC from 2021 through January 2025. He repeatedly argued that Bitcoin stood apart from other crypto assets under securities law, and his agency pursued enforcement actions against a wide range of crypto projects and exchanges, treating many tokens as unregistered securities.