U.S Securities and Exchange Commission (SEC) Chairman Gary Gensler, at a recent event at New York University (NYU) School of Law, expressed his doubts over the potential of cryptocurrencies, including Bitcoin (CRYPTO: BTC), to become widely accepted forms of payment.
What Happened: In a fireside chat with former SEC Democratic Commissioner Robert Jackson Jr., Gensler indicated cryptocurrencies are likely to continue being seen primarily as a store of value rather than a widely accepted medium of exchange, as reported by CoinDesk.
He stated the ultimate utility of any given cryptocurrency would be determined by the investing public through disclosures.
Gensler also defended the SEC’s aggressive enforcement actions against crypto companies, stating that the crypto industry was rife with “a lot of fraudsters, a lot of grifters, a lot of scams.”
He added that the …
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