Gary Gensler didn’t always believe everything, but bitcoin is a security

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A video has surfaced that purports to show Securities and Exchange Commission (SEC) Chairman Gary Gensler claiming that a number of top cryptocurrencies are not securities – a view that appears to contradict his most recent comments and numerous enforcement actions against space.

The five-year-old music video was shot at a Bloomberg event for institutional investors when Gensler was a professor at the Massachusetts Institute of Technology.

In the clip, Gensler says, Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name these four? These are not titles.

Chairman Gensler in 2018 at a Bloomberg conference in New York:

Bitcoin. Ether. Litecoin. Bitcoin money. Why did I name these four? These are not titles.

What’s Goldman Gary going to say about this one? False deep? pic.twitter.com/p7DJlYkJIt

— Ryan Selkis (@twobitidiot) June 12, 2023

Read more: Binance wants SEC Chairman Gary Gensler recused for advising the crypto exchange

However, just four years later, he had apparently changed his mind and was adamant that the vast majority of cryptocurrencies are, in fact, securities. Indeed, earlier this year he asserted that “anything other than Bitcoin” should fall under the SEC’s mandate.

The SEC has, so far, confirmed nearly 70 cryptocurrencies as securities, however, none of those previously named by Gensler are among them.

In 2019, Gensler also apparently expressed at least some level of admiration for the Algorand crypto protocol. However, soon after, its native token ALGO was considered by the SEC as a security. This has led some to call Gensler and his organization hypocrites.

Read more: Coinbase Applauds SEC Proposal, Targets CEO Gary Gensler

The SEC Chairman further complicated matters around his actual opinions on cryptos that may or may not be securities when he was unable to tell a House Financial Services Committee whether ether was or was not a title.

GOP politicians push for Gensler to be fired

Gensler is also under fire from two pro-crypto Republican congressmen who are calling for him to be removed from his SEC position.

On Monday, Warren Davidson (Ohio) said via Twitter: “Today I filed the SEC Stabilization Act to restructure the SEC and fire Gary Gensler.

US capital markets must be protected from a tyrannical president, including the current one.

Davidson was backed by Tom Emmer (Minnesota) who says Gensler has committed a long list of abuses and, in a press release posted on his website, said American investors and industry deserve clear and clear oversight. consistent, not a political game.

The SEC Stabilization Act will make common sense changes to ensure that the SEC’s priorities are with the investors it is charged with protecting and not the whims of its reckless chairman.

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