Former US Securities and Exchange Commission Chair Gary Gensler has warned of the speculative nature of most cryptocurrencies, asserting that they primarily function as ‘highly risky bets’. Speaking with Bloomberg, he highlighted Bitcoin’s distinct position compared to the vast majority of tokens. While acknowledging Bitcoin’s potential closer resemblance to a commodity, Gensler emphasized that the vast majority of tokens lack the fundamental characteristics expected in regulated assets like dividends and consistent returns. He underscored his belief that investors must acknowledge these risks. This comes as Gensler continues to influence regulatory perspectives on cryptocurrencies. His enforcement record during his tenure as SEC Chair (2021-2025) saw frequent actions against exchanges, platforms offering yield-generating or staking programs, and token issuers. These actions led to significant scrutiny of crypto regulations and resulted in settlements like the ones with Coinbase and Kraken.