TechFlow reported, according to CoinDesk, that SEC Chairman Gary Gensler said during an event at New York University School of Law that he believes Bitcoin (BTC) and other cryptocurrencies are unlikely to be widely used as a means of payment, but are more suitable as a store of value. Citing history and monetary theory, he noted that nations typically favor using a single currency. Additionally, he criticized fraudulent activities within the crypto industry, pointing out that by 2024, many figures once seen as "leaders" in the sector had either been imprisoned or faced extradition. He stated that the existing Howey Test is sufficient for regulating crypto assets, and no additional regulatory framework is needed.
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