Former SEC Chairman Gary Gensler issued another warning to investors in a Bloomberg interview on Tuesday, pointing out the risks of cryptocurrencies, stating that most crypto assets in the market are "highly speculative."
Gensler categorized Bitcoin (BTC) as closer to a commodity, while emphasizing that most tokens do not provide "dividends" or "regular returns."
He noted that the current market situation validates his repeated assertions during his tenure: the global public's enthusiasm for cryptocurrencies does not equate to solid fundamentals.
"All the thousands of other tokens, not those backed by dollar-pegged stablecoins, but all the other thousands of tokens, you have to ask yourself: what are their fundamentals? What supports them… The investing public needs to be fully aware of these risks," Gensler emphasized.
Gensler led the SEC from April 17, 2021, to January 20, 2025, during which he pursued an aggressive enforcement agenda, including lawsuits against major crypto intermediaries and determining that many tokens are unregistered securities.
The crypto industry has expressed dissatisfaction with the high-profile enforcement actions against exchanges and staking programs, as well as the stance of viewing most token issuers as violating registration rules.
During Gensler's tenure, Coinbase was sued by the SEC, accused of operating as an unregistered exchange, broker, and clearing agency, and offering unregistered staking-as-a-service programs. Kraken was also forced to shut down its U.S. staking program and pay a $30 million fine.
When a Bloomberg reporter mentioned the politicization of cryptocurrencies, including the Trump family's involvement in crypto, the former chairman rejected that framing.
"No, I don't think so," Gensler stated, believing it is more about fairness in capital markets and "common-sense rules," rather than a "Democrat versus Republican struggle."
He further added, "When you buy and sell stocks or bonds, you want to receive various information," as well as "the same treatment as large investors." This is the foundation of fairness in U.S. capital markets.
Regarding ETFs, Gensler stated that finance "has historically… developed towards centralization," so it is not surprising that an ecosystem born from decentralized ideas is gradually becoming "more integrated and centralized."
He pointed out that investors can already express their investment intentions in gold and silver through exchange-traded funds, and during his tenure, the first U.S. Bitcoin futures ETFs were approved, which established a closer connection between some of the cryptocurrency infrastructure and traditional markets.
Gensler's latest comments draw a clear line: Bitcoin belongs to a different category, while in his view, most other tokens remain highly speculative with weak fundamentals.
Even after leaving office, his framework will continue to have a profound impact in courts, compliance departments, and asset allocation committees, which are weighing the status of BTC while maintaining a cautious regulatory stance on altcoins.
Related: Bitcoin (BTC) traders face peak unrealized losses as ETFs begin to turn positive
Original article: “Gensler Distinguishes Bitcoin (BTC) from Other Cryptocurrencies, Calls Most Cryptocurrencies ‘Highly Speculative’”
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