The latest comments from a mr g gensler thats right, the dark lord of the sec has spoken and his words have well and truly stirred the pot. So in case you missed it. Gary made an appearance on cnbcs squawk box show yesterday, where he talked crypto with louis cks twin brother, jim cramer. You have been uh adamant that there should be a some degree of coordination with the cftc and you about trying to make it so that we have a more clarity lets say on uh cryptocurrency, where wheres the state of play crypto right now during the conversation gary Reaffirmed thats right reaffirmed that he considers btc to be a commodity. Many of these tokens offer the investing public uh or the investing public is hoping, i should say, hoping for a return just like when they invest in in other uh financial assets. We cost securities and many of these financial assets. Crypto financial assets uh have the key attributes of the security, so some of them theyre under the securities and exchange commission, some like bitcoin and thats, the only one, jim im going to say, uh because im not going to talk about any one of these tokens but Sure my predecessors and others have said: theyre theyre a commodity working together, theres two great market regulators in this country id be honored to chair the cftc terrific agency of the honor. Now to chair the securities and exchange commission a little bit different remits.

Little bit different approaches, but working together with the banking regulators as well, theres theres uh work to be done there around whats called stable coins. Now this is something we all pretty much knew, and it is of course, good news for bitcoin, not that the markets have acknowledged that, of course, so we can be pretty sure that gary and his sec buddies are going to leave btc well alone, as they should. So it was in fact more what gary didnt say that has got many people irked, because at no point did he mention ethereums eth as also being a commodity. He seemed to lump it in with all the other, so called tokens. Now. This is despite the fact that the sec and the commodity futures trading commission cftc agreed in the past that eth2 fell into the commodity bucket because it was quote sufficiently decentralized, as per former sec director bill, hinmans famous speech, so in essence, garys comments. Kind of sum up, the lack of clear thinking that u.s regulators have when it comes to cryptocurrencies. The sector is over a decade old and so far, theyve managed to make a firm decision on just one asset. So from my reading of what gary said, three things in particular come to mind. One altcoins are very much on the secs radar eth included. This is so frustrating as it creates a lot of uncertainty for both crypto projects and crypto investors, and, as you know, there is nothing that investors hate more than uncertainty.

Two, because its impossible for the sec to analyze all 20 000 plus altcoins itll, probably focus its regulatory efforts on centralized cryptocurrency exchanges. And if the recent news about celsius and co didnt make it clear enough, you really need to keep your crypto in your own personal wallet. Three, a clear definition of decentralization is desperately needed so that the sec doesnt go around attacking cryptocurrencies that are obviously not securities. Now, luckily, there are two crypto bills working their way through the plumbing of u.s politics that do exactly that and also protect the largest altcoins from a crackdown by putting them under the jurisdiction of the cftc.