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

Gensler says he has seen the security features of many crypto assets, adding that Bitcoin is the only crypto that he feels comfortable labeling publicly as a product. Gary Gensler, chairman of the Securities and Exchange Commission, was outraged on crypto Twitter on Monday that Bitcoin (BTC) is a content. Questions were raised about its impact on the Grayscale proposed Bitcoin ETF and why Ethereum was not mentioned.

Speaking to Jim Kramer at CNBC's Squawk Box on Monday, June 27, the SEC chair said that although many crypto-financial assets have a security key feature, Bitcoin is the only one he feels comfortable labeling publicly as a product.