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SEC chair Gensler says US won’t ban cryptocurrencies like China

Gensler US ban cryptocurrencies
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The head of the US Securities and Exchange Commission (SEC), Gary Gensler, has confirmed that his agency lacks the authority and does not intend to ban cryptocurrencies.

According to Bloomberg, Securities and Exchange Commission Chairman Gary Gensler stated at a House hearing on Tuesday that the US will not ban cryptocurrencies, but will instead focus on ensuring that the industry is fairly regulated.

This is despite the fact that Gensler sees crypto as a “speculative asset that needs more regulation,” as well as “rife with fraud, scams, and abuse.”

“Our approach is really quite different,” any ban would almost certainly have to be enacted by Congress, he adds, according to Bloomberg.

Fed Chairman Jerome Powell appears to agree with Gensler, as the Fed chief recently stated that he has no intention of outlawing cryptos, but that stablecoins require more regulatory oversight.

China, on the other hand, has recently declared crypto transactions illegal, but it also plans to launch its own central bank digital currency, dubbed the digital Yuan.

In terms of cryptocurrency, Bitcoin (BTC-USD) has surpassed $50,000 and is now approaching $56,000, just a week after the digital token bounced off $41,000.

Bloomberg reported in early August that SEC Chairman Gary Gensler sees a path for a bitcoin ETF.

About the author

Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala.

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