SEC Chairman Gary Gensler said the SEC has no plans to ban cryptocurrency, as China has done. He noted that such a decision would depend on Congress. Recently, Federal Reserve Chairman Jerome Powell similarly stated that the Fed had no intention of banning or restricting the use of cryptocurrencies.
The SEC will not ban cryptocurrencies
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), answered a question during a hearing before the U.S. House Committee on Financial Services on Tuesday about whether there were plans to ban cryptocurrency.
The four-hour virtual hearing was hosted by Owen Maxine Waters, chairman of the “US Securities and Exchange Commission Surveillance: Cop on Wall Street is Finally Back on the Beat” committee, and ranking member Patrick McHenry.
During the meeting, Rep. From North Carolina. The congressman began by saying: “China is at war with cryptocurrency, it seems, since 2013. [ICOs], Cryptocurrency exchanges, and their recent move, a complete ban on cryptocurrencies. “
Congressman Buddha asked: “Chairman, do you support what China has done and is the SEC planning to implement similar sanctions?”
I am familiar with the things you have mentioned in terms of the People’s Republic of China. I think our point of view is really different.
The SEC chairman added, “It is important to us how we can get into this area between investor and consumer protection and work with bank regulators and others.” He also stressed the need for the Treasury Department to ensure that there is crypto between money laundering (AML) laws and tax compliance, adding that “there are also financial stability issues that can raise stable currencies.”
Since Gensler did not respond directly to any plans to ban crypto, Rep. Bud reiterated his question: “But as China is interested in implementing through the SEC, what kind of ban is really to funnel everyone through their own digital currency?”
The SEC chairman replied:
No, it will depend on Congress.
“We are working with the authority you have given us,” Gensler explained. He added that many tokens meet security tests and stressed that “it is important to bring them into the SEC’s investor protection remittance.”
Recently. He also asked Federal Reserve Chairman Jerome Powell if there were any plans to ban the federal cryptocurrency. Powell similarly stated that there was no intention to ban or restrict the use of cryptocurrencies.
What do you think of Gary Gensler’s comments? Let us know in the comments section below.
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