Statement from SEC Chairman Gary Gensler on Cryptocurrencies: “Without Prejudice, But…”

The political landscape in the US witnessed a significant shift this week, reviving hopes of approval of spot Ethereum ETFs.

However, this development appears to have had little impact on Securities and Exchange Commission (SEC) Chairman Gary Gensler's stance on cryptocurrencies.

In a statement on Thursday, Gensler reiterated his belief that most cryptocurrencies are securities. His remarks come as many expect spot Ether ETFs to be approved later in the day.

Gensler said the following about cryptocurrencies in his speech:

“There are 15,000 or 20,000 tokens in this space. These are not traded as currency. Without prejudging any of them, they generally have a group of entrepreneurs, and the public looks at whitepapers, looks at websites, looks at these groups of entrepreneurs, and invests based on these groups of entrepreneurs. So this fits the classic Supreme Court test of what a security is.

“Not all crypto tokens are securities, but again, without prejudice, I believe most are.”

*This is not investment advice.

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