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Crypto community mix response after SEC Chair Gary Gensler affirms bitcoin’s status as commodity

Gary Gensler, chair of the SEC, stated on June 27 that Bitcoin is the only cryptocurrency he regards to be outside of the SEC’s legal reach. He sees Bitcoin as a commodity that will come under the jurisdiction of the Commodity Futures Trading Commission (CFTC).

The SEC Executive’s declaration that all cryptocurrencies, including Ethereum (ETH), are digital assets subject to SEC legal regulation is crucial for the crypto community. Gary Gensler, the chair of the SEC, also said that he would not go into detail about any other cryptocurrencies other than Bitcoin. The crypto community’s different outlook on the SEC chair Gary Gensler’s assertion

Gary Gensler’s statement has a positive effect on Bitcoin. However, James Seyffart, a Bloomberg Intelligence ETF specialist, believes it will not be sufficient to get the BTC spot ETF of Grayscale authorised next week.

The announcement fueled speculation about Grayscale’s proposal, which the SEC was expected to approve or reject on July 6.

The cryptocurrency community also took note of Gensler’s failure to indicate whether he thought of Ethereum as a commodity like Bitcoin. Despite the fact that the CFTC and authorities previously agreed that ETH was a commodity.

Financing company Swanky Finance questioned Gensler on Twitter today, asking why he didn’t include Ethereum as a commodity.

Optimistic for Bitcoin

Michael Saylor, the CEO of MicroStrategy and pro-Bitcoin supporter, tweeted that Bitcoin is critical as a treasury backup asset, allowing public institutions to embrace it as an asset to stimulate economic growth.

Furthermore, Blockchain Investment Firm CEO Eric Weiss remarked on Twitter that Gary Gensler is the second SEC chair to designate Bitcoin as a commodity, making it nearly impossible for this category to be changed in the long term.

In addition, John Deaton, a crypto fan who represents the Ripple network in the Ripple vs SEC case, issued a warning about the security of all altcoins.

Surprisingly, Bitcoin’s price dropped from $21,478 to $20,635 in the last 24 hours despite the encouraging news. The price of Ethereum has also slid from $1,234 to $1,171 in the last 24-hours because the bears maintained their hold on the markets.

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