BlockBeats news, on October 10, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), said at an event at the New York University School of Law that he believes Bitcoin (BTC) or other cryptocurrencies are unlikely to become a widely used means of payment and are more likely to be seen as a means of storing value. He cited history and monetary theory to emphasize that countries generally tend to use only one currency. He also criticized fraud in the encryption industry, pointing out that many industry "leaders" in 2024 are already in jail or facing extradition.
He believes that the existing Howey Test is sufficient to regulate crypto assets and no additional regulatory framework is needed. (CoinDesk)