Venture capitalist Chamath Palihapitiya said that although Bitcoin is not a security, it should be regulated as a security.
According to Palihapitiya, the size of the cryptocurrency market makes this necessary. Noting that there is a high “system risk” around Bitcoin due to the lack of regulation, Palihapitiya is currently worried about the future of Bitcoin, despite being involved in the cryptocurrency market in 2013.
SEC Chairman Gary Gensler stated that Bitcoin is actually a commodity. He pointed out that the majority of altcoins are unregistered securities.
MicroStrategy CEO Michael Saylor pointed out that Ethereum was issued via an ICO with a management team, stating that the asset is clearly a security. Gensler repeatedly left questions about Eth unanswered.
The outcome of the litigation between Ripple and the SEC, which is still pending, is expected to have significant implications for the industry.
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