Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), continues to criticize the practices of crypto firms on Wednesday, stating that they dangerously mix assets, which is banned in other parts of the financial system.
Gensler’s comments came during his testimony before the House Financial Services Committee, where he declined to provide details on what the SEC will do regarding spot bitcoin exchange-traded funds (ETFs) following a recent legal setback.
He mentioned that the SEC is still considering the judge’s ruling that called for a review of the agency’s stance on bitcoin ETF applications. Gensler also confirmed that bitcoin is not considered a security.
Gensler said “bitcoin is not a security.”
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