The SEC’s Chair Makes Game-Changing Crypto Statement As Price Of Bitcoin, Ethereum, BNB, XRP, Terra’s Luna, Solana, Cardano, Dogecoin Turn Mixed
— Finally fulfill, Labeling, Supposed “ digital gold ”, Could also speed, Ability, Acted, Impossible, Sec — 1 min read
Bitcoin price is down 3% to just under $20,300 while ethereum’s price is up 3%. Binance rose 5.6% over the past week, while XRP XRP saw a 4.4% gain. SEC Chair Gary Gensler said bitcoin is the only cryptocurrency he would label as a commodity. The rest of the cryptocurrencies should be classified as securities and regulated by the SEC, he said. Bitcoin was largely built on the promise of a decentralized, digital store of value, but so far, it hasn’t acted as such as a high beta version of growth stocks. This could decorrelate bitcoin from growth/tech stocks as well as altcoins and help it finally fulfill its promise. Source