Gary Gensler, chairperson of the Securities Exchange Commission (SEC), said at an event at NYU Law School that bitcoin and other cryptocurrencies are unlikely to be widely used as a means of payment, and more likely to continue as stores of value. He noted that there is a lot of fraud in the crypto industry, with many industry leaders already in jail or awaiting extradition in 2024. Gensler stressed that the regulatory framework does not need to be expanded additionally, and the existing Hovey test is sufficient to assess the legitimacy of investment contracts. He noted that the investing public needs to judge the actual value of cryptocurrencies through transparent disclosure of information. Gensler also mentioned that the financial industry needs strong enforcement actions to curb violations.