The SEC Made A Decision Changing Bitcoin's Future

The Securities and Exchange Commission (SEC) poses one of the greatest threats to Bitcoin and crypto adoption. However, recent statements made by Chairman Gary Gensler seem to indicate positive news for at least Bitcoin. 

Gensler stated he would support a plan for Bitcoin (and potentially Ethereum) to be regulated under the Commodity Futures Trading Commission (CFTC) instead of the SEC. 

Why is this such a big deal? 

It means the SEC views Bitcoin as a commodity and NOT an unregistered security. 

You can listen to Anthony Pompliano's coverage on what this means for investor confidence and regulatory clarity: 

However, Gensler's statements were not all positive for the Crypto space. 

He also addressed how the over 10,000 other cryptos ought to be regulated. 

“I look forward to working with crypto projects and intermediaries looking to come into compliance with the laws,” said Gensler. “I also look forward to working with Congress on various legislative initiatives while maintaining the robust authorities we currently have. Let’s ensure that we don’t inadvertently undermine securities laws underlying $100 trillion capital markets.” (Source).

An SEC ruling other cryptos to be unregulated securities could destroy thousands of crypto projects. 

The lack of regulatory clarity and inaction of the SEC on this matter has become a growing problem in the space. 

Bitcoin and Crypto enthusiasts should exercise caution when promoting potentially unregistered securities if the SEC decides to bring the hammer down.

For now, the SEC's continued support for treating Bitcoin as a commodity is a positive development for the future of BTC's adoption.