SEC Chairman: Bitcoin or other cryptocurrencies are unlikely to become widely used payment methods

ChainCatcher news, according to CoinDesk, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler 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 and are more likely to be viewed as a store of value. He cited history and monetary theory to emphasize that nations typically tend to use only one currency.

He also criticized fraudulent activities in the crypto industry, pointing out that many "leaders" in the industry for 2024 are either in prison or facing extradition. He believes that the existing Howey Test is sufficient to regulate crypto assets without the need for an additional regulatory framework.