U.S. SEC Chairman: Bitcoin or other cryptocurrencies are unlikely to become widely used means of payment

The U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated at an event at New York University Law School that he believes BTC or other cryptocurrencies are unlikely to become widely used as a means of payment, and are more likely to be viewed as a store of value. He emphasized, citing history and monetary theory, that nations typically tend to use only one currency. He also criticized the fraudulent behavior in the crypto industry, noting that many "leaders" in the industry by 2024 have already been imprisoned or face extradition. He believes that the existing Howey Test is sufficient to regulate crypto assets, without the need for an additional regulatory framework.