The SEC has no plans to follow China and ban Bitcoin
The SEC has no plans to follow China and ban Bitcoin
At the hearing of the Financial Service Committee of the House of Representatives on October 5, the SEC boss said that the agency did not plan to follow China's example and to impose a complete ban on crypto. "That would be up to the congress," he added.
At the end of the last month, Katie Haun, partner of Andreessen Horowitz in To kicking China's footsteps would be very bad for the USA .
At the same hearing of the committee last week, the chairman of the Federal Reserve, Jerome Powell, repeated the opinion that the central bank had no plans to ban crypto.
Congress Member Maxine Waters, Chair of the Committee, commented that the SEC was presented with historical challenges after "the incredible growth of non-registered and volatile cryptocurrency systems and the advent of cryptocurrency intermediaries, market exchanges and decentralized protocols.
consumer protection priority
Answering questions of the congress, Gensler that is about how we are in the investor and consumer protection We have included and also work with bank supervisory authorities and others. ”
The concern is whether the Crypto financial department can include in the framework for combating money laundering and tax conformity.
The SEC may respond to the protection of consumers, but their latest measures against Coinbase and Ripple could cost token owners or "consumers" in their terminology billions of dollars if the industry is negatively influenced.
The representative James Himes asked him to give guidelines on the subject of cryptocurrency regulation, and Gensler confirmed his previous position. Exchange for digital assets would have to register with the SEC, and decentralized stock exchanges (Dexs) would also be subject to regulations, he said.
"There is also a centralized protocol in decentralized platforms-so-called defi platforms. And although they are not taken in the same way in the same way, I think that these are the places where we can achieve the maximum in public order."
concern about "poker chips"
Gensler also repeated concerns about stablecoins that he has previously labeled casino poker chips , in which it says, "the problems of financial stability that could raise stable coins" would be a priority for sec.
"The $ 125 billion of stablecoins we currently have are like poker chips in a casino. I think if this continues to grow-and it has increased tenfold last year-this can be system-wide risks."
The issuer of the second largest stable coin in the world, Circle, reported yesterday that it was charged by the Sec.
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