Global Rate Cuts Boost Bitcoin; But Gensler Says BTC Not a Security

 
Ritu Lavania
Written By 
Ritu Lavania
September 27, 2024

Bitcoin(BTC) is expected to see the best performance in history in September, thanks to global interest rate cuts, but SEC Chair Gary Gensler is not impressed, as he maintains BTC is not a  security.

Bitcoin has risen by 11.27% in a month, compared with an average decline of 5.9% in September over the past decade. One of the factors behind Bitcoin being bullish is the global rate cuts that have shifted the US to looser monetary policy.

But the charts and market sentiment do not impress Gensler(as always). In a recent interview, Gensler reiterated his skepticism as he said “Bitcoin is not a security and investors can now express their views on Bitcoin through ETF products”.

His views seem a little ironic as Bitcoin continues to rally and is currently trading at $65,737.89, at the time of writing. Emphasizing on Bitcoin’s bullish run, crypto exchange Kraken also pointed out that if Bitcoin fails to “decisively” break through $65,000, it may indicate that it will enter a period of weakness. But the current trends speak otherwise.

Apart from the green candle, Bitcoin is expected to see a further positive sentiment after US cryptocurrency regulation will be clearer in the months post election. In short, Bitcoin’s surge is here to stay, and when it comes to Republican lawmakers who are confident about crypto, Bitcoin could be an answer to the US’s debt.

However, Gensler also refused to comment on Trump’s proposed U.S. Bitcoin strategic reserve plan, saying it was “due to his duties and election season considerations”. Streson his authority, Gensler said current laws empower SEC to regulate the crypto sector, and alluding at the crypto industry’s dislike for him, he added that “not liking the rules is not the same as having no rules.” Gensler also pointed out that the crypto finds it difficult in building trust, as many industry leaders have been jailed or bankrupt, and without trust and investor protection, it is ‘difficult for the innovation sector to survive’.

Also Read: Gary Gensler’s Verdict on Bitcoin; Community Seeks Regulatory Clarity

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.