Gensler Slams Crypto Industry for Proliferating Fraud
U.S. Securities and Exchange Commission Chairman Gary Gensler has painted a bleak picture of the cryptocurrency industry, arguing that it is filled with “fraudsters” and “grifters.”
Last month, the SEC boss also warned that the industry was not going to “persist” without following the rules.
Not a currency
Gensler has also poured cold water on Bitcoin’s prospects of gaining widespread adoption as a means of payment.
Instead, Bitcoin will be treated as a store of value, according to the SEC boss.
Satoshi Nakamoto, the mysterious Bitcoin creator, viewed the cryptocurrency as a “peer-to-peer cash system.”
There were early signs of growing merchant acceptance. BitPay, the leading crypto payment processor, experienced a massive…
