Former SEC Chair Gary Gensler said Bitcoin is the only cryptocurrency with a credible claim to lasting value, citing its decentralized structure and global recognition. In a December 2025 Bloomberg TV interview, he said most other tokens lack dividends, cash flows or an underlying business generating returns, making them primarily bets that prices will rise. Gensler identified dollar-backed stablecoins as a separate category but maintained that Bitcoin is the only crypto asset that meaningfully resembles a commodity. Bitcoin was trading near $92,000 during the interview, and Gensler said he does not own Bitcoin or any other digital asset. The view is consistent with his 2021-through-January-2025 tenure as SEC chair, when the agency treated many tokens as unregistered securities while Bitcoin remained a regulatory outlier. The SEC's approval of Bitcoin futures ETFs during that period and the Commodity Futures Trading Commission's long-standing commodity classification for Bitcoin reflected the distinction, which carries different disclosure and investor-protection requirements from securities regulation.