Future

Donald Trump

Gary

<p>SEC Chairman Gary Gensler expressed his skepticism about the widespread adoption of crypto as a means of payment at an event at the NYU School of Law.</p>
<h2 id="h-gensler-doute-de-l-avenir-de-la-crypto-comme-monnaie-courante">Gensler Doubts the Future of Crypto as Common Currency</h2>
<p><a href="https://www.cointribune.com/qui-est-gary-gensler-2/" target="_blank" rel="noopener noreferrer nofollow">Gary Gensler</a>, the chairman of the U.S. Securities and Exchange Commission (SEC), recently expressed his skepticism about the future of cryptos as a widely adopted means of exchange.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>At an event at the NYU School of Law, Gensler <a href="https://www.coindesk.com/policy/2024/10/09/sec-chair-gary-gensler-on-crypto-its-unlikely-this-stuff-is-gonna-be-a-currency/" target="_blank" rel="noopener noreferrer nofollow">stated</a> that it was “<em>unlikely this stuff is gonna be a currency</em>“, referring to Bitcoin and other cryptos.</p>
<p>The former MIT professor supported his reasoning with historical economic principles, dating back to Plato and Aristotle.</p>
<p>Gensler specifically cited Gresham’s Law, a 19th-century monetary principle that “bad money drives out good”.</p>
<p>He also emphasized the tendency of nations to favor a single currency, explaining: “<em>We want a unitary currency because it is a store of value, a medium of exchange, a unit of account. All of this has enormous network economic potential.”</em></p>
<p>According to Gensler, cryptos could continue to be considered as stores of value, but their use as a means of day-to-day payment remains unlikely. He added that their value will need to be demonstrated “<em>through disclosure, through use… In the same way one chooses from among the thousands of listed securities.</em>“</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://coinbase-consumer.sjv.io/c/2801338/552039/9251" target="_blank" rel="noopener noreferrer nofollow">Discover the Coinbase platform and buy your first cryptos</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-la-sec-maintient-sa-position-ferme-face-aux-derives-du-secteur">The SEC Maintains Its Tough Stance Against Sector Deviations</h2>
<p>Beyond adoption issues, Gensler did not fail to highlight the fraud problems that persist in the <a href="https://www.cointribune.com/en/?p=731829" target="_blank" rel="noopener noreferrer nofollow">crypto industry</a>. He specifically pointed out certain prominent figures in the sector, stating that “<em>the luminaries of this field in 2024 are either in jail or awaiting extradition</em>“.</p>
<p>This statement is part of the SEC’s ongoing actions to crack down on illegal activities linked to cryptos. Gensler reaffirmed his agency’s commitment to protecting investors, emphasizing the need for a police presence on the ground to enforce laws.</p>
<p>The SEC chairman also maintained that the current regulatory framework, notably the Howey Test established by the Supreme Court in 1940, was sufficient to assess the legal status of crypto assets. He explained in detail why this test remains relevant, even for modern digital assets.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="2">
 </div>
</div>
<p>Gensler emphasized that the SEC takes a “merit-neutral” approach regarding the underlying technology, leaving it to the investing public to decide the usefulness of a given cryptocurrency, provided that appropriate disclosures are made.</p>
<p>In conclusion, Gary Gensler’s statements raise important questions about the future of crypto and their place in the financial system. While some praise his firmness against sector deviations, others see it as a potential hindrance to innovation. The debate even extends to the political terrain, with <a href="https://www.cointribune.com/en/crypto-donald-trump-decides-to-fire-gary-gensler/" target="_blank" rel="noopener noreferrer nofollow">Donald Trump promising to fire Gensler if re-elected president</a>.</p>

Gary Gensler Takes A Direct Shot At Crypto

Table of Contents

Cointribune EN

Other articles published on Oct 10, 2024

Taiwan regulators mull piloting crypto custody services with local banks: report

Crypto Investor Earns $3.37 Million Profit

Uyeda: SEC’s crypto approach a ‘disaster for the whole industry’

Bitcoin (BTC) Korea Premium Might be Mitigated Soon, Here's Why

CATS YouTube Code for October 10, 2024

Samsung Pay Expands to Crypto Payments with Alchemy Pay Integration

Join our free newsletter for daily crypto updates!