“Gary Against”: SEC Chief confident that cryptocurrencies won’t become money

Digital assets have no future as a popular means of payment, says Gary Gensler. According to the industry’s main enemy, cryptocurrencies will be perceived in the future only as a means of preserving value.

Gensler recalled the 19th century Copernicus-Gresham law, according to which “bad money drives out the good” and states prefer only one form of money.

“You want one currency unit because it’s a store of value, a medium of exchange, a unit of account. It all has tremendous economics of networks,” Gensler said. “So it’s unlikely this stuff is going to be a currency. It’s going to have to show its value through disclosure, through use. … The same way you pick amongst the thousands of securities that are listed on the stock exchange.”

The official justified the persecution of crypto market participants by the presence of “many scammers” in this area. The head of the SEC said that “the leading figures in this area in [2024] are now either in prison or awaiting extradition.”

At the same time, he did not comment on the possible impact of the results of the US presidential election if Donald Trump wins. The politician had previously promised to fire Gensler.