U.Today - During a Wednesday hearing before the Financial Services Committee, Gary Gensler, the Chair of the Securities and Exchange Commission (SEC), has his stance on Bitcoin, stating it is not a security in response to questions posed by the Republican committee chair Patrick McHenry.
Gensler's views on other coins
, elaborating on his stance, highlighted that Bitcoin does not meet the requirements of the Howey test, emphasizing its distinction from securities. He did, however, refrain from explicitly categorizing Bitcoin as a commodity.Gensler has previously discussed the classification of cryptocurrencies like Ethereum (ETH). During with New York Magazine, he implied that it could be considered a security.
However, he has been reluctant to comment explicitly on Ethereum’s status has bred speculation and discussions about the legalities surrounding various cryptocurrencies.
The Pokemon card conundrum
On a humorous note, Congressman Ritchie Torres the nature of transactions involving tokenized Pokemon cards during the hearing.Gensler’s response was cautious, stating he would need more information to determine whether purchasing a tokenized card on a blockchain could be considered a security transaction, even though he affirmed that the sale of a traditional Pokemon card isn't a security.