Bitcoin is a Commodity: SEC Chairman Gary Gensler
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When asked about his thought on cryptocurrency, citing the “ups and downs of this speculative asset class,” Gensler explained that people invest in “Bitcoin and hundreds of other crypto tokens,” hoping for a return, “just like when they invest in other financial assets,” he described as securities.
The SEC argued that many of these digital assets have “the key attributes of a security.” Gensler added: “Some of them … are under the Securities and Exchange Commission.” Meanwhile, referencing previous arguing points made by his predecessors, he described:
“Some, like Bitcoin, and that’s the only one I’m going to say … are commodities.”
Gensler also asserted that aside from Bitcoin, he was not keen on discussing other crypto tokens. Not surprisingly, Gensler’s points were in line with comments from the chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, who previously asserted that Bitcoin is a commodity. However, Behnman added that Ethereum (ETH) is also a commodity, a point Gensler is not willing to comment on.
Regardless, many Bitcoin supporters have expressed support for the SEC boss’s comments. Crypto asset manager Eric Weiss recently tweeted: “Gensler is the 2nd consecutive SEC Chair to declare that bitcoin is a commodity, making it all but impossible for this classification to be altered in the future. Very significant indeed.”
Key Bitcoin Levels to Watch — June 28
Bitcoin continues to trade in a choppy pattern as it drops to the $20K level again on Tuesday. As mentioned previously, the technicals have unarguably taken a backseat in the affairs of BTC, with the fundamentals driving momentum.
However, the $20K support is a critical level from the primary cryptocurrency and should repel the current bearish attempt to push prices lower. As such, we should see a return to the upper-$21K range in the coming days.
Meanwhile, my resistance levels are at $21,000, $22,000, and $23,000, and my key support levels are at $20,000, $19,000, and $18,000.
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Bitcoin Dominance: 42.2%
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