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Outgoing U.S. Securities and Exchange Commission Chair Gary Gensler has insisted that the regulatory body never classified Bitcoin and Ethereum as securities.
“My predecessor and I, we’ve never said Bitcoin is a security. We haven’t said Ethereum is a security,” Gensler declared.that the agency had believed for at least a year that ETH was an unregistered security that had been trading in violation of pertinent laws.Asked why he had not clarified the status of ETH and BTC outright, Gensler claimed that his job required him to be extremely careful with his language.
However, he had no kind words for other cryptocurrencies, claiming they first had to show their true use case and value proposition:
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