U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said that it is unlikely that Bitcoin (BTC) or another cryptocurrency will become a widely used means of payment. Gensler made the remarks at a recent event held at the Law Department of the New York University, industry media Coindesk reported. Gensler also claimed that there is no need for further regulatory clarity beyond the Howey test approved by the Supreme Court back in 1940. Gensler doubts cryptocurrencies The SEC Chairman was asked by an attendee what a cryptocurrency’s value is, especially considering that it was created to be independent of all governments.