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SEC’s Gensler Reiterates Bitcoin Alone Is A Commodity

(June 28, 2022) U.S. Securities and Exchange Commission Chair Gary Gensler has reiterated his claim that bitcoin (BTC) is a commodity.

“Crypto financial assets have the key attributes of a security,” he said recently, noting that there’s almost always a centralized entity that directs projects and stands to profit the most. That was certainly the case when the Ethereum blockchain first burst onto the scene in 2014 with an initial coin offering, a motley crue of builders and investors and institutions such as the Ethereum Foundation.

 the commodities classification stems from bitcoin’s actual material conditions of being highly decentralized.

Bitcoin is a distributed network powered by a digital asset – it has no single administrator or owner. Although people may buy BTC thinking they may profit from holding it – including profiting from the work of others who build useful apps or maintain its codebase – there’s no entity to which profits accrue, unlike with securities as defined by the SEC’s “Howey Test.”

https://www.coindesk.com/layer2/2022/06/28/secs-gensler-reiterates-bitcoin-alone-is-a-commodity-is-he-right/

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Bitcoin Resources

The Bitcoin Standard

by Saifedean Ammous

Bitcoin Whitepaper

by Satoshi Nakamoto

Not Your Keys, Not Your Coins

by Andreas M. Antonopoulos

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Pay With Bitcoin pill shaped image with orange Bitcoin logo.