SEC Chairman Gary Gensler: No Plan To Ban Crypto, It's Up To Congress

THELOGICALINDIAN - SEC Chairman Gary Gensler says that the SEC has no plan to ban cryptocurrencies as China has done He acclaimed that it would be up to Congress to accomplish such a accommodation Recently Federal Reserve Chairman Jerome Powell analogously said that the Fed had no ambition to ban or absolute the use of cryptocurrencies

SEC Won’t Ban Cryptocurrencies

The administrator of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered a catechism about whether there is a plan to ban cryptocurrency during a audition afore the U.S. House Committee on Financial Services Tuesday.

The four-hour basic audition blue-blooded “Oversight of the U.S. Securities and Exchange Commission: Wall Street’s Cop Is Finally Back on the Beat” was hosted by Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry.

During the meeting, Rep. Ted Budd from North Carolina asked Gensler if he had any affairs to ban cryptocurrencies. The agent began by stating: “China has been on a abhorrence adjoin cryptocurrencies, it seems back 2024. We’ve apparent them apparatus bans on mining, antecedent bread offerings [ICOs], cryptocurrency exchanges, and their best contempo move, an absolute ban on cryptocurrencies themselves.”

Congressman Budd asked: “Chairman, do you abutment what China has done, and is the SEC planning on implementing agnate bans?”

Gensler replied:

“It’s a amount of how do we get this acreage aural the broker and customer aegis that we have, and additionally alive with coffer regulators and others,” the SEC administrator continued. He additionally fatigued the charge to ensure that the Treasury Department has crypto aural anti-money bed-making (AML) laws and tax compliance, abacus that there is additionally “the banking adherence affair that stablecoins could raise.”

Since Gensler did not anon acknowledge about any affairs to ban crypto, Rep. Budd common his question: “But no bans that you are absorbed in implementing via the SEC as China has done, absolutely to carry anybody through their own agenda currency?”

The SEC administrator replied:

“We accept been alive with the ascendancy you’ve accustomed us,” Gensler clarified. He added that abounding tokens do accommodated the tests of actuality a security, emphasizing that it is important to “bring them aural the broker aegis address of the SEC.”

Recently. Rep. Budd additionally asked Federal Reserve Chairman Jerome Powell whether the Fed had any affairs to ban cryptocurrency. Powell analogously said there was no ambition to ban or absolute the use of cryptocurrencies.

What do you anticipate about Gary Gensler’s comments? Let us apperceive in the comments area below.

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