Gensler reaffirmed his stance on cryptocurrencies, particularly criticizing what he referred to as crypto “hucksters” and their mishandling of customer assets. Amid these discussions, one of the most critical issues was the SEC’s position on spot Bitcoin exchange-traded funds (ETFs). Gensler disclosed that the agency has yet to determine its course of action following a judge’s ruling in August that mandated a reevaluation of its stance on Bitcoin ETFs.
The SEC’s ongoing legal battles have drawn criticism from Rep. Patrick McHenry, Chairman of the House Financial Services Committee. He expressed concerns about the lasting harm the agency’s actions could cause within the industry. However, during questioning, Gensler clarified that Bitcoin does not fall under the category of a security, a statement that has steered a wave of discussion among investors and stakeholders.
Despite the ongoing regulatory discussions, Bitcoin’s price remained relatively stable at $26,366, indicating a 0.41% increase over the previous 24 hours. This stability may signal cautious optimism among investors about Bitcoin’s future.
Long-term holders of Bitcoin continue to demonstrate their support for the cryptocurrency. Findings from Reflexivity Research revealed that the percentage of Bitcoin supply held by these committed investors is approaching levels not witnessed since late 2015.
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Source: Cryptocurrency - investing.com
