Cryptocurrencies are more than just a speculative asset class - Cumberland's Chris Zuehlke

Chris Zuehlke, global head of Cumberland and partner at DRW, said Wednesday that it was "short-sighted" for the head of the Securities and Exchange Commission to describe cryptocurrencies as a "speculative asset class" given their potential as technology game-changers. Zuehlke told CNBC that cryptos like Bitcoin (BTC-USD) and Ethereum (ETH-USD) represent "monumental shifts in technology that can lead to a better tomorrow for a lot of individuals." The remarks followed comments made earlier in the day by SEC Chair Gary Gensler, who said crypto trading was speculative in nature and that the asset class required more regulation. Responding to Gensler's characterization, Zuehlke specifically pointed to cryptos' usefulness for "financial inclusion or the ability to disintermediate contract execution." "These are real shifts that I think the world is receptive to and looking to apply to a novel set of problems," he said. That said, Zuehlke agreed with the SEC chair that