Gensler Sticks to His Guns: Only Bitcoin is a Commodity

Former SEC Chair Gary Gensler has once again staked his claim that Bitcoin is the only cryptocurrency resembling a commodity. In an interview with Bloomberg TV in December, he highlighted Bitcoin's decentralized structure and global recognition as key factors setting it apart from other digital tokens.

Gensler emphasized that most cryptocurrencies offer no dividends, cash flows, or underlying businesses generating returns, making them essentially bets on price movement rather than investments grounded in economic substance. He did acknowledge dollar-backed stablecoins as a distinct category but deemed the broader market of altcoins unsustainable.

The former SEC Chair has consistently maintained that he does not own Bitcoin or any other digital asset. His views align with his tenure at the SEC, where he repeatedly argued that Bitcoin was exempt from securities law due to its decentralized nature.