SEC Chair Gensler Discusses Bitcoin's Role and Regulatory Framework

According to PANews, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler expressed his views on Bitcoin and other cryptocurrencies during an event at New York University School of Law. Gensler stated that he believes Bitcoin and other digital currencies are unlikely to become widely used as payment methods. Instead, he sees them more as stores of value. He referenced historical and monetary theories, noting that nations typically prefer to use a single currency. Gensler also criticized fraudulent activities within the crypto industry, highlighting that many industry 'leaders' are either imprisoned or facing extradition as of 2024. He asserted that the existing Howey Test is sufficient to regulate crypto assets, dismissing the need for an additional regulatory framework.