The chairman of the United States Securities and Exchange Commission (SEC) Gary Gensler confirmed in an interview with CNBC that bitcoin is a commodity and not a security.

In the interview, Gensler said that bitcoin is the only digital asset that can be considered a commodity while shitcoins will come under securities, which falls under the regulation of the SEC. The cryptocurrency community was quick to notice that ether (ETH) has also been classified as a security.

“Some, like Bitcoin(BTC), and that’s the only one, Jim, I’m going to say because I’m not going to talk about any one of these tokens, my predecessors and others have said, they’re a commodity,” Gensler said in response to a question from CNBC’s Jim Cramer.

Gensler noted that shitcoins can be considered securities because “the investing public is hoping for a return.”

Interestingly Michael Saylor, the CEO of MicroStrategy and one of the strongest advocates of Bitcoin(BTC), commented on Gensler’s statement, stating that “Bitcoin(BTC) is a commodity, which is essential for any treasury reserve asset.”

On the other hand, the decision of SEC on GrayScale’s request for the conversion of GBTC into a Bitcoin(BTC) spot ETF is approaching the deadline, and CEO Michael Sonnenshein stated that Grayscale is “unequivocally committed” to converting GBTC to spot #Bitcoin(BTC) ETF.