U.S. SEC Chairman: Bitcoin or other cryptocurrencies are unlikely to become widely used payment methods
According to reports, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated at an event at New York University School of Law that he believes Bitcoin (BTC) or other cryptocurrencies are unlikely to become widely used payment methods, but are more likely to be seen as a means of storing value. He cited history and monetary theory to emphasize that nations usually tend to use only one currency.
He also criticized fraudulent behavior in the crypto industry, pointing out that many "leaders" within the industry by 2024 have already been jailed or face extradition. He believes that the existing Howey Test is sufficient to regulate crypto assets without needing additional regulatory frameworks.
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