Former Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler has once again warned investors about the risks associated with cryptocurrencies, calling most assets "extremely speculative." He made this statement in an interview with Bloomberg.
In his opinion, only Bitcoin fits the definition of a commodity, while other coins do not offer "dividends" or "ordinary returns.",
Gensler emphasized that the current situation in the crypto market is precisely what he feared during his tenure as chairman — the interest of the global public in the class of digital assets does not correspond to their fundamental principles.
“Thousands of other tokens, and I'm not even talking about USD-backed stablecoins, but thousands of others. We need to ask ourselves: what is their fundamental value? What underlies them? Investors need to be aware of these risks,” said the former official.
In response to the question of whether the current situation is the result of President Donald Trump's rise to power, the former SEC chief answered negatively. According to him, it is more about the fairness of capital markets and 'sound traffic rules' than about 'the confrontation between Democrats and Republicans.'
Regarding ETFs, Gensler noted that finance has been moving towards centralization since ancient times, so the integration of blockchain with the traditional financial system was not a surprise for him.
Recall that in September, the SEC reported the loss of correspondence from Gensler for the period from October 2022 to September 2023, related to cryptocurrency regulation.
