As the crypto mayor prepares to suspend his duties, SEC Chairman Gary Gensler took the opportunity on Tuesday to part ways. Bitcoin From the rest of the flock, which he says has yet to prove he has any real value.

in appearance On CNBC's "Squawk Box" show, Gensler said he believes Bitcoin is still a risky bet, but the leading cryptocurrency could turn into a different type of asset as financial market participants around the world trade Bitcoin in a similar way to precious metals such as... gold.

“I think bitcoin is a very speculative and volatile asset. But with 7 billion people around the world, 7 billion people want to trade it like (...) we have gold for 10,000 years,” Gensler said. “We have bitcoin. And maybe there will be something else in the future as well.”

Gensler intends to resign from his leadership position next week, handing over the reins of the agency in conjunction with the inauguration of President-elect Donald Trump. Under Gensler's supervision, the SEC engaged in what supporters described as a process Organizational attackand issued enforcement measures against cryptocurrency companies for allegedly violating its rules.

Paul Atkins, the former commissioner of the Securities and Exchange Commission, is preparing to strike a relatively crypto-friendly tone if Congress supports Trump's nomination. Among Trump's early initiatives in the cryptocurrency space are: Decryption I reported on Monday that one could include SEC guidance To get on the same page with other regulatory bodies – and bring different perspectives to the emerging sector.

On Tuesday, Gensler said digital assets other than Bitcoin “need to demonstrate their use case and show that they actually have fundamentals underlying them, otherwise they won’t survive.”

Last July, Commodity Futures Trading Commission (CFTC) Chairman Rustin Bahman said, He said That bitcoin and Ethereum These are goods that should be regulated by the agency.

For the past four years, Gensler has been reluctant to call Bitcoin anything other than a commodity. In 2023, for example, Gensler said that “Bitcoin only“It is a commodity that refers to assets such as Ethereum and... Solana It may fall under the jurisdiction of the Securities and Exchange Commission.

However, last year, the SEC approved Ethereum ETFs after earlier giving the green light to Bitcoin funds, expanding investors' access to the currency. The approvals represent a Implied acceptance Ethereum is a commodity, and since then, asset managers have applied for products covering other coins, e.g Solana and XRP.

During Gensler's tenure on Tuesday, Kernen suggested that Gensler "liked" Bitcoin as SEC chief, going so far as to say that Gensler may have been personally opposed to "those other currencies."

Gensler said he has never owned Bitcoin, nor any other cryptocurrency. He also championed the idea that "the public needs to be exposed" in order to make informed decisions.

On Capitol Hill in 2023, Gensler Transgression Questions related to Ethereum's regulatory status, sparking allegations that the head of the Securities and Exchange Commission may have tried to mislead lawmakers.

While Gensler's successor may be more willing to answer the question directly, it appears that Gensler's belief that Bitcoin is different will continue into his final days at the SEC.

Modified by Andrew Hayward