Crypto hater Gary Gensler says Bitcoin & Cryptocurrencies are best store of value

Gary Gensler called Bitcoin and Cryptocurrencies may gain popularity in the form of the best store of value but simultaneously slammed the basic concept of cryptocurrencies.

Gary Gensler is the chairman of the United States Securities and Exchange Commission (SEC). He has been playing the role of SEC chairman since 2021. In the very beginning, crypto people were assuming that Gensler would bring a better environment for the crypto sector in the US jurisdiction, as in the past he praised Bitcoin and cryptocurrencies as the best technology, but it happened totally opposite. Under his leadership, the SEC agency filed multiple charges against the top crypto companies.

On 9 Oct 2024, Gary Gensler stated, at an event at New York University School of Law, that he believes Bitcoin and other digital assets are unlikely to become widely used for payments but may be seen more as a store of value. In short, he said that adoption of this innovative sector will take place from the perspective of increasing wealth by investing in them, but they can’t be used for payment services.

He asserted that all the countries usually use only one currency, so they’re not going to adopt these digital assets for payment purposes. Gensler criticized the increasing fraud in the crypto industry, noting that many industry leaders have faced legal issues in 2024. The SEC chairman also mentioned that the existing Howey Test is sufficient to use the nature of cryptocurrencies and also the traditional securities laws are enough to regulate the crypto space without needing additional new rules or laws.

Earlier, Gensler many times argued that no new rules dedicated to the crypto sector are required because old rules are enough to cover the regulation of the crypto space.

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