SEC Chair Gary Gensler on Crypto: ‘It’s Unlikely These Assets Will Become Currency’
NEW YORK, NY – Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), recently expressed skepticism about the future of Bitcoin and other cryptocurrencies as mainstream forms of payment. During a talk at NYU School of Law, Gensler shared his belief that these digital assets are more likely to remain a store of value rather than evolve into widely accepted currencies.
Responding to an attendee's question regarding the utility of cryptocurrencies in a fully regulated environment, Gensler emphasized the agency's neutral stance on merit, leaving it up to the public to decide—through appropriate disclosures—whether a particular crypto asset holds any utility.
Reflecting on his teaching experience at MIT, Gensler delved into historical context, noting, "These discussions date back thousands of years to the philosophies of Plato and Aristotle. Throughout history, we’ve generally seen one currency per nation-state, and there’s a reason for that." He referenced Gresham's law, which suggests that “bad money drives out good,” implying that countries typically prefer a singular currency due to its efficiency as a store of value, medium of exchange, and unit of account.
"It’s improbable that these digital assets will become currencies," Gensler remarked, adding that they would need to demonstrate their value through utility and disclosures, much like investors choose among securities listed on stock exchanges.
In a conversation with NYU Law Professor Robert Jackson, Gensler also defended the SEC's strong stance on enforcing crypto regulations. He posed a rhetorical question, "Without proper oversight, will laws be followed?" He pointed out that in finance, individuals often push boundaries, and enforcement actions are necessary to guide them back on track.
Gensler didn’t mince words when addressing the current state of the crypto industry, calling out "a lot of fraudsters, grifters, and scams." He noted that several key figures in the sector are either imprisoned or facing extradition.
He reiterated his belief that no new regulatory frameworks are needed beyond the well-established Howey Test, created by the Supreme Court in 1940. "If you're questioning whether something is an investment contract, just ask yourself—who is signing the contract with the law firm? Who is contacting the broker-dealer to make a market for your asset? The presence of a central enterprise is often undeniable."
Gensler chose not to comment on how the upcoming presidential election might influence the SEC’s operations, nor did he speculate on his future role if former President Trump were to regain office.

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Repayment process 🔔
The Mt. Gox repayment process, which was extended to October 31, 2024, involves the reimbursement of 142,000 BTC, 143,000 Bitcoin Cash ($BTC ), and 69 billion yen in fiat to creditors. This delay follows an earlier deadline shift from 2023, aimed at ensuring all logistical and legal matters are resolved. So far, some creditors have reported receiving their fiat payments, while the distribution of $BTC and BCH remains
The large quantity of Bitcoin involved, valued at over $9 billion, has raised concerns about its potential impact on the cryptocurrency market, specifically whether the release will lead to significant price fluctuations. However, the extended deadline and staggered repayment schedule are designed to mitigate such risks​
. Gox was once the largest Bitcoin exchange, handling about 70% of global Bitcoin transactions. Founded in 2010, it became infamous for its 2014 collapse after a security breach resulted in the loss of approximately 850,000 BTC, worth billions. This led to the exchange's bankruptcy and a long legal process for creditors.
In 2021, a rehabilitation plan was approved to return the remaining 142,000 BTC and other assets to creditors, with the final deadline for repayments now set for October 2024​#BTC60KResistance

Is Peter Todd the real Satoshi Nakamoto?

As revealed by Politico, Peter Todd is currently 39 years old, therefore when Satoshi Nakamoto published the Bitcoin whitepaper on October 31, 2008, Todd was 23 years old.
Although this theoretically does not rule out that Todd at 23 years old could have designed a similar system, it turns out to be very difficult to believe. 
The Bitcoin protocol is not very complex from an IT perspective, but the economic-financial reasoning that Satoshi used to develop that whitepaper is decidedly more complex. It is very difficult to imagine that a person like Todd at 23 years old could have developed that reasoning.
Moreover, Todd graduated from the Ontario College of Art and Design in Toronto, therefore at the time it does not seem that he was close to the economic-financial environments. 
However, Todd himself in the past stated that he came into contact with the cypherpunk environment already at the age of 15, therefore in 2000. 
It should also be added that today Peter Todd explicitly denied being Satoshi Nakamoto. 
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🚨 Technical Analysis on Hot Coins:

$ EIGEN, $HMSTR , $CATI , $NEIRO , TURBO, and 1MBABYDOGE 🚨
The crypto market is displaying a mix of declines and gains, with 1MBABYDOGE standing out as the only gainer in this snapshot. It has posted a 7.60% increase, currently priced at $0.0027871. This positive momentum signals strong buying interest and suggests that further upward movement could occur if this trend continues. Traders should watch for a breakout above $0.0030, while support seems to be holding around $0.0027.
On the downside, TURBO/USDT has suffered a notable loss of 13.27%, trading at $0.006640. This sharp decline points to heavy selling pressure, and if the price fails to stabilize near the $0.0065 support level, further downward movement may follow. Similarly, CATI/USDT and HMSTR/USDT have experienced declines of 5.59% and 4.43% respectively, showing bearish sentiment across these altcoins. CATI is trading at $0.4324, and if it doesn't hold above $0.4300, we may see additional declines.
Lastly, NEIRO/USDT and EIGEN/USDT are both down by 4.47% and 1.31%, respectively, indicating a generally bearish outlook. For EIGEN, currently priced at $3.69, traders should monitor the $3.65 support zone. A bounce from this level could indicate a potential reversal, but failure to hold may trigger further downside. As for NEIRO, support seems weak at the $0.00178 level, and a break below this point could open the door for additional losses.

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