Gary Gensler, chairman of the U.S. SEC, said at an event at the New York University School of Law that he believes Bitcoin or other cryptocurrencies are unlikely to become a widely used means of payment and are more likely to be seen as a means of storing value. Countries generally tend to use only one currency.
He also criticized fraud in the crypto industry.
Many industry leaders have been imprisoned or faced extradition in 2024.
The existing Howey Test is sufficient to regulate crypto assets without the need for an additional regulatory framework
Source: Wu Blockchain News
