No plans to ban cryptocurrencies, says SEC chair Gensler
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), said at a parliamentary hearing that the SEC would not ban cryptocurrencies.
At the House Committee on Financial Services hearing on Tuesday, Crypto advocate Ted Budd asked the SEC chair if the regulatory body has any plans to ban cryptocurrencies as China did recently. To which, Gensler replied, “No, that would be up to Congress.”
The remarks made by Gensler resonated with those made by FRB Chair Jerome Powell last week at the House Financial Services Committee. At the time, the question was yet again asked by Budd if the central bank had any intention to ban the $2.2 trillion asset class.
Gensler noted that the US’s approach to cryptocurrencies is different from China’s. He highlighted the need for investor-consumer protection along with encouraging the industry to comply with money laundering measures (AML) and tax compliance.
Gensler answered several questions regarding cryptocurrency, stablecoins, and DeFi throughout the meeting. He made some unchanged remarks on crypto regulations, how many cryptocurrencies fall under ‘securities’, and how stablecoins pose systematic risks to the economy.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow