Community reacts after SEC’s Gensler affirms BTC’s commodity status

Jim Cramer, CNBCs Squawk Box, on Monday, June 27. The SEC chair mentioned that while lots of crypto-financial investments have the key attribute security, Bitcoin was the only one he felt comfy publically labeling as a product.

” Some, like Bitcoin– thats all Im going say, since Im not going discuss any of these tokens. Nevertheless, my predecessors and other have stated theyre a commodities.”

After verifying that Bitcoin (BTC), is a commodity, Gary Gensler, Chairman of Securities and Exchange Commission, got Crypto Twitter riled on Monday. Its influence on Grayscales Bitcoin ETF was questioned, as well as why Ethereum wasnt mentioned.

Grayscale Bitcoin ETF

Crypto Twitter likewise kept in mind Genslers rejection to point out whether he put Ethereum (ETH) into the same commodities boat regardless of both the regulator and Commodity Futures Trading Commissions (CTFCs) having formerly agreed that the property was a product like Bitcoin.

James Seyffart is an ETF analyst at Bloomberg Intelligence. He informed his 19,300 followers on Twitter that Genslers comments are favorable for Bitcoin but it may not be sufficient to get Grayscales Bitcoin-spot ETF approval next week.

Gensler has actually been doing this for a while, but it is a positive IMO. This is insufficient to enable $GBTCs conversion to a spot #Bitcoin exchangeable fund (ETF). Our company believe the odds of SEC approval next week or this week are close to absolutely no. https://t.co/mvRnkajGdd
— James Seyffart (@JSeyff) June 27, 2022

Exist any ideas regarding why Gensler didnt point out Ethereum today? https://t.co/GjN5so63O3 #ethereum
— swankyfinance.eth (@swankyfinance) June 28, 2022

ETH is not discussed.

Eric Balchunas is a Bloomberg senior ETF expert. He kept in mind and made comparable remarks that Grayscales GBTC was only 0.5% likely to be transformed to an ETF.

These remarks sparked chatter about Grayscales application to convert the Bitcoin Trust into an exchange-traded area fund (ETF). The SEC is expected to decide on July 6.

Positive features of Bitcoin

Genslers views about Bitcoin are favorable, nevertheless.

#Bitcoin can be described as a commodity. This enables political leaders, organizations, and federal governments to support bitcoin as technology & digital property, to grow the economy, extend property rights and flexibility, and to help others.
— Michael Saylor (@saylor) June 27, 2022

Michael Saylor, a Bitcoin bull, shared the video with his 2.5 million fans on Twitter. He said that Bitcoin is a necessary treasury reserve possession which will permit governments to support it as digital possessions to grow the economy.

Eric Weiss, the founder of Blockchain Investment Group, noted on Twitter that Gensler was the 2nd SEC chair who declared Bitcoin a product. This makes it nearly impossible to change this classification in the future.

Related: Google users believe BTC is dead– 5 things you must learn about Bitcoin this week

Ethereum fell from $1,234 at 24 hours, to $1,171 at the writing time, as bears preserve their grip on markets.
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The favorable news about Bitcoin resulted in another decrease in its rate, dropping from $21,478 at the peak of 24 hours to $20,635 at the writing.

Gensler has been doing this for a while, however it is a favorable IMO. This is not adequate to enable $GBTCs conversion to a spot #Bitcoin exchangeable fund (ETF). We think the chances of SEC approval next week or this week are close to absolutely no. #Bitcoin can be described as a product. This enables governments, politicians, and organizations to support bitcoin as technology & digital possession, to grow the economy, extend property rights and flexibility, and to help others.

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