SEC Chair Gary Gensler tweeted birthday wishes to the #Bitcoin White Paper today. “Happy 14th birthday to Satoshi Nakamoto’s whitepaper! It has led to innovation and crypto asset investing. Let’s make sure as crypto enters its 15th year that investors get proper protection.”
Gensler has been widely criticized in various circles within the cryptocurrency and blockchain communities for not appearing to have altruistic motives for the SEC’s recent enforcement actions. The SEC is perceived to be losing a battle with Ripple over whether XRP is a security. Additionally, groups like Coinbase, that once touted their partnership with the SEC, have withdrawn their support in the face of expanding enforcement actions.
Yet, for all the criticism heaped on Gensler, the SEC continues to agree that Bitcoin is not a security. Gensler has continued the policy position put in place by his predecessor. On Thursday, June 14, 2018, the SEC announced that the commission would not be treating Ether or Bitcoin as securities. That policy remains unchanged for Bitcoin. However, pending further developments in the Ripple case, and Ethereum’s transition to Proof of Stake Consensus, it could be subject to re-classification as a security by the SEC.