U.S. Securities and Exchange Commission Chairman Gary Gensler has expressed skepticism about the potential for cryptocurrencies like bitcoin to become widely accepted as a form of payment. Instead, he believes they will be viewed primarily as a store of value. Gensler's remarks were made during an event at NYU School of Law, where he emphasized the importance of regulatory oversight in the crypto industry.
He also noted that the SEC is 'merit neutral' and that the investing public will ultimately decide the utility of any given cryptocurrency through disclosures. Gensler cited historical precedents, including Gresham's law, to argue that nations typically prefer a single currency. He also defended the SEC's track record of enforcement actions against crypto companies, stating that the industry is prone to fraud and scams.
Gensler pointed out that many leading figures in the crypto industry are currently facing jail time or extradition, highlighting the need for regulatory scrutiny.