đš SEC Chair Gary Gensler on Crypto: âUnlikely These Assets Will Become Currencyâ đš
At a recent talk at NYU School of Law, SEC Chair Gary Gensler expressed his skepticism about the future of cryptocurrencies like Bitcoin as mainstream payment methods. He believes these assets are more likely to function as a store of value rather than evolve into widely accepted currencies.
đĄ Key Insights from Gensler:
Historical Context: Gensler referenced philosophical discussions from Plato and Aristotle, emphasizing the historical preference for a single currency per nation-state.
Gresham's Law: He highlighted that "bad money drives out good," indicating that nations prefer one efficient currency for stability.
Utility Matters: Gensler noted that for cryptocurrencies to gain traction as currencies, they must demonstrate utility and transparency, akin to how investors evaluate securities.
In his conversation with NYU Law Professor Robert Jackson, Gensler defended the SEC's robust regulatory approach, citing the need for oversight to prevent fraud in a space filled with "grifters and scams." He emphasized that existing frameworks, like the Howey Test, are sufficient for assessing investment contracts.
While he refrained from commenting on how the upcoming presidential election might impact the SEC, Gensler made it clear that regulation is crucial for a healthy crypto market.
Stay informed and navigate the crypto landscape wisely!
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