The SEC Chair claims that many cryptocurrency tokens are securities and refers to bitcoin as a “Store of Value”

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During an interview on CNBC’s “Squawk Box,” on Friday, Gary Gensler, the newly named chairman of the U.S. According to the Securities and Exchange Commission, “many” cryptocurrency tokens are securities:

To the extent that something is a security, the SEC has a lot of authority. And a lot of crypto tokens—I won’t call them cryptocurrencies for this moment—are indeed securities.

In 2018, Gensler said that both Ethereum and the Ripple-affiliated XRP may be classified as unregistered securities.

Concerning Bitcoin, the most common cryptocurrency, the SEC chairman described it as a digital and scarce—albeit “highly volatile”—store of value:

It’s a digital, scarce store of value, but highly volatile.

Gensler also stated that Bitcoin was deemed to be a non-security.

Gensler has no advice for “SNL”

Tesla CEO Elon Musk will make his hosting debut on “Saturday Night Live” on May 8, according to Gensler. He said that he did not have any recommendations for anyone interested in the programme.

I’m sure that they have enough media consultants to advise them.

The self-proclaimed “Dogefather” who has previously been in trouble with the SEC, is widely expected to bring up Dogecoin during the broadcast.

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Musk, on the other hand, is unfazed by any regulatory pressure, tweeting in February that a rumoured SEC investigation into his Dogecoin tweet would be “awesome.”

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