Gary Gensler della SEC sulle crypto: “Non diventeranno mai valuta”

Gary Gensler, Presidente della SEC degli USA, spoke at the NYU School of Law in Manhattan, also commenting on crypto. His words were “It is unlikely that this stuff will become a currency.”

Gary Gensler of the SEC and his intervention on crypto: “it will have to prove its value”

The President of the Securities and Exchange Commission (SEC) of the United States, Gary Gensler, spoke at the NYU School of Law in Manhattan, also talking about crypto. 

To the question about the value of cryptocurrencies, Gensler stated that he considers it unlikely that bitcoin (BTC) or other cryptos will ever be widely used as a form of payment. Rather, what might happen is that they will be seen more as a store of value.

Here are his words regarding conceiving crypto as currency:

“One wants a monetary unit because it is a store of value, a medium of exchange, a unit of account. All of this has enormous network economy. So it is unlikely that this stuff will become a currency. It will have to prove its value through dissemination and use. … In the same way one chooses among the thousands of bull and bear stocks listed on the stock exchange”

In practice, according to Gensler, it will be the investing public that decides if there is a utility for a particular cryptocurrency. On the contrary, the SEC Chairman said that the agency is “neutral” regarding this merit. 

Not only that, citing the different monetary principles in history, Gensler also stated that basically there tends to be one currency for each geographic economic State. 

But Gensler’s speech continues by also casting a negative light on crypto, highlighting the scams and their protagonists who have been arrested and convicted. All to defend against accusations of excessive power by the agency. 

Gary Gensler defends the SEC’s actions against crypto companies

Continuing with his speech, then, Gensler had to defend the actions defined as “aggressive” by the SEC against crypto companies. 

In fact, due to unclear crypto regulation, the SEC has taken several crypto companies to court, accusing them primarily of offering unregistered securities. 

The list is enormous, but just think of the SEC vs. Ripple case, which lasted four years and finally ended in 2024, with the ruling declaring that XRP is not a security. 

Or, the case of Tron and Justin Sun who saw their victory with the ruling of the judge who dismissed the SEC’s attempts to create controversy always regarding securities.

In any case, Gensler defended the agency’s aggressive approach, comparing it to a police officer. Here’s what he said: 

“Without a police officer on duty, will all our laws be enforced? It is a matter of human nature. In finance … we play close to the edge. … Sometimes we need enforcement actions to bring people back to the right side of the line.”

Not only that, the President of the SEC wanted to highlight the crypto scam and how even some industry players have been accused and sentenced to prison. 

“With all due respect, the protagonists of this sector in 202[4] are in prison or awaiting extradition at this moment.”

The Rebellion: Crypto.com Sues the SEC and CFTC

While Gensler believes that the agency has its good reasons to act like an aggressive cop, crypto companies are not having it and are starting to rebel.

Recently, Crypto.com, the cryptocurrency trading platform, sued the SEC and the CFTC, with the aim of protecting the future of crypto in the USA.

In fact, after receiving a Wells notice, Crypto.com decided to defend itself actively and to accuse the SEC of pursuing an unauthorized and unfair regulatory campaign. According to the crypto-exchange, the SEC has established an illegal rule according to which the exchanges of almost all cryptos are securities transactions, with Bitcoin and Ethereum excluded. 

But Crypto.com is just joining other industry colleagues who have long been struggling against the SEC and its actions. Among others, there is Kraken, which has filed its court document requesting a jury trial against the SEC.

This 76-page document with 18 listed defense points aims to accuse the SEC of having behaved acceptably, and that its actions should be put to the judgment of the jury.