Former SEC chair argues that among thousands of digital tokens, only Bitcoin has lasting value and resembles a commodity.

In a December 2025 Bloomberg TV interview, he notes Bitcoin’s decentralized structure and global recognition set it apart from other crypto assets.

During his SEC tenure from 2021 to January 2025, he maintained Bitcoin falls outside the securities framework, while many other tokens were pursued as unregistered securities.

He acknowledges dollar-backed stablecoins as a partial exception, but views the broader altcoin market as driven by speculation.

The SEC approved Bitcoin futures ETFs, reinforcing Bitcoin’s distinct regulatory treatment from other crypto assets.

At the time of the interview, Bitcoin traded near $92,000.

He contends most tokens lack dividends, cash flows, or underlying businesses, making them bets on price movement rather than substance.

Gensler has stated he does not own Bitcoin or other digital assets.

His commodity framing aligns with the CFTC’s view that Bitcoin is a commodity, implying different protections than securities.