No plan to ban crypto, it’s up to Congress to decide

SEC Chairman Gary Gensler said the SEC has no plans to ban cryptocurrencies like China has done. He noted that it would be up to Congress to take such a decision. Recently, Federal Reserve Chairman Jerome Powell also said that the Fed has no plans to ban or limit the use of cryptocurrencies.

SEC won’t ban cryptocurrencies

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler answered a question about the existence of a proposed cryptocurrency ban during a hearing before the Committee on United States Chamber on Financial Services Tuesday.

The four-hour virtual hearing titled “US Securities and Exchange Commission Oversight: The Wall Street Cop Is Finally Back On Track” was hosted by Committee Chair Maxine Waters and Ranking Member Patrick McHenry.

During the meeting, Representative Ted Budd from North Carolina asked Gensler if he plans to ban cryptocurrencies. The congressman began by declaring, “China has been on the warpath against cryptocurrencies, it seems since 2013. We have seen them implement mining bans, offers to initial pieces [ICOs], cryptocurrency exchanges and their most recent ruling, an outright ban on cryptocurrencies themselves.

Congressman Budd asked, “President, do you support what China has done and is the SEC considering implementing similar bans?” “

Gensler replied:

I know a number of things you mentioned about the People’s Republic of China. I think our approach is really very different.

“It’s about how to integrate this area into the investor and consumer protection that we have, and also how to work with banking regulators and others,” continued the SEC chairman. He also stressed the need to ensure that the Treasury Department has crypto in place under anti-money laundering (AML) laws and tax compliance, adding that there is also “the problem of stability. financial stability that stablecoins could raise “.

Since Gensler did not respond directly to any proposed crypto ban, Representative Budd reiterated his question, “But no ban you want to implement through the SEC like China has done.” , really to channel everyone through their own digital currency? “

The SEC chairman replied:

No, it would be in Congress.

“We worked with the authority you gave us,” Gensler said. He added that many tokens meet the security criteria, stressing that it is important to “bring them within the scope of SEC investor protection.”

Recently. Representative Budd also asked Federal Reserve Chairman Jerome Powell if the Fed intends to ban cryptocurrency. Powell also said there was no intention to ban or limit 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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