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Gary Gensler, the former head of the Securities and Exchange Commission (SEC), has weighed in on the recent decision by the commission to drop the Ripple appeal and other cases. Speaking during a recent interview, Gensler expressed skepticism about the long-term prospects of most cryptocurrencies, comparing them to precious metals.
When asked for his thoughts on the situation, Gensler stated that he believes there is currently a “real keen interest” in cryptocurrency, driven by sentiment rather than fundamentals. He warned that if this is simply a matter of sentiment, the vast majority of these tokens will ultimately fail and go down in value.
Gensler then drew an analogy between the cryptocurrency sector and precious metals. Noting that humans have a limited fascination with only a few precious metals like gold, he suggested that it’s unlikely we’ll see widespread acceptance and mainstream adoption of thousands of cryptocurrencies.
“I don’t think we humans will have a fascination with 10 or 15,000 meme or sentiment tokens trading over the years,” Gensler said.
Source: https://u.today/gensler-reacts-to-sec-dropping-ripple-appeal-and-other-cases
