No plan to forbid crypto, it is due to the congress regulation
No plan to forbid crypto, it is due to the congress regulation
SEC chairman Gary Gensler says that the Sec does not intend to prohibit cryptocurrencies as China did. He noted that it was up to the congress to make such a decision. Recently, the chairman of the Federal Reserve, Jerome Powell, said that the Fed did not intend to ban or restrict cryptocurrencies.
second does not prohibit cryptocurrencies
The chairman of the US IPO supervisory authority SEC, Gary Gensler, answered a question on Tuesday during a hearing in front of the committee for financial services of the US Representative House.
The four-hour virtual hearing entitled "Supervision of the US stock exchange supervisory authority: The policeman of Wall Street is finally back at the pulse of time" was moderated by committee chairman Maxine Waters and the ranking member Patrick Mchenry.
During the meeting, Rep. Ted Budd from North Carolina Gensler asked whether he had plans to ban cryptocurrencies. The MEP began with the statement: "China has apparently been on a war path against cryptocurrencies since 2013. We saw how they introduced mining bans [ICOS], cryptocurrency exchanges and their latest step, a complete ban on cryptocurrencies themselves."
The Congressman Budd asked: "Chairman, support what China did and is planning to introduce similar bans?"
Gensler replied:
I know a lot that you mentioned in relation to the People's Republic of China. I think our approach is really different.
"It is about how we include this field in investor and consumer protection that we have, and also work with banking supervisory authorities and others," continued the second chairman. He also emphasized the need to ensure that the Ministry of Finance has crypto as part of the laws to combat money laundering (AML) and tax compliance, and added that there was also "the problem of financial stability that could raise the stable coins".
Since Gensler did not react directly to any plans for the ban on crypto, rep. Budd repeated his question: “But no prohibitions that you want to implement via the SEC, how China did to really guide everyone through their own digital currency?”
The Sec chairwoman replied:
No, that would be a matter of the congress.
"We worked with the authority that they gave us," said Gensler. He added that many tokens fulfill the tests as security, and emphasized that it was important to "bring them into the investor protection mandate of the Sec".
Recently. Rep. Budd also Asked the chair of the Federal Reserve, jerome Powell whether the Fed had plans to ban cryptocurrencies. Powell said in a similar way that there was no intention to ban or restrict the use of cryptocurrencies.
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