SEC Chair Gary Gensler compared Bitcoin to gold in a CNBC “Squawk Box” interview while discussing the digital asset’s speculative nature ahead of his departure from the regulatory agency.

“Bitcoin is a highly speculative, volatile asset,” Gensler said. “But with 7 billion people around the globe wanting to trade it—just like we’ve had gold for 10,000 years—we have Bitcoin. It might be something else in the future as well.”

Gensler, who will step down on January 20 as President-elect Trump takes office, reiterated that Bitcoin is not a security and emphasized that the SEC has never classified it as such.

However, he warned that most tokens besides Bitcoin could be subject to securities laws, requiring proper disclosures to protect investors from fraud and manipulation.

“This field, the crypto field, is highly speculative and has not been compliant with various laws, whether anti-money laundering, sanctions, or securities laws,” Gensler said.

His tenure saw the approval of Bitcoin and Ether ETFs, alongside broader financial market reforms including reduced settlement cycles and improved transparency in US Treasury trading.

Gensler’s tenure was marked by strong oversight of the crypto market, often drawing criticism from industry participants who felt the SEC relied heavily on enforcement actions rather than clear regulatory frameworks.

Reflecting on his approach, Gensler emphasized that the agency operated within the laws set by Congress and acted to protect investors.