{"id":12911,"date":"2021-10-06T16:54:10","date_gmt":"2021-10-06T16:54:10","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chairman-gary-gensler-no-plan-to-ban-crypto-its-up-to-congress\/"},"modified":"2021-10-06T16:54:10","modified_gmt":"2021-10-06T16:54:10","slug":"sec-chairman-gary-gensler-no-plan-to-ban-crypto-its-up-to-congress","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-chairman-gary-gensler-no-plan-to-ban-crypto-its-up-to-congress\/","title":{"rendered":"SEC Chairman Gary Gensler: No Plan to Ban Crypto, It\u2019s up to Congress"},"content":{"rendered":"

SEC Chairman Gary Gensler says that the SEC has no plan to ban cryptocurrencies as China has done. He noted that it would be up to Congress to make such a decision. Recently, Federal Reserve Chairman Jerome Powell similarly said that the Fed had no intention to ban or limit the use of cryptocurrencies.<\/strong><\/p>\n

SEC Won\u2019t Ban Cryptocurrencies<\/h2>\n

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered a question about whether there is a plan to ban cryptocurrency during a hearing before the U.S. House Committee on Financial Services Tuesday.<\/p>\n

The four-hour virtual hearing titled \u201cOversight of the U.S. Securities and Exchange Commission: Wall Street\u2019s Cop Is Finally Back on the Beat\u201d was hosted by Committee Chairwoman Maxine Waters and Ranking Member Patrick McHenry.<\/p>\n

During the meeting, Rep. Ted Budd from North Carolina asked Gensler if he had any plans to ban cryptocurrencies. The congressman began by stating: \u201cChina has been on a warpath against cryptocurrencies, it seems since 2013. We\u2019ve seen them implement bans on mining, initial coin offerings [ICOs], cryptocurrency exchanges, and their most recent move, an outright ban on cryptocurrencies themselves.\u201d<\/p>\n

Congressman Budd asked: \u201cChairman, do you support what China has done, and is the SEC planning on implementing similar bans?\u201d<\/p>\n

Gensler replied:<\/p>\n

I\u2019m familiar with a number of the things that you mentioned in terms of the People\u2019s Republic of China. I think our approach is really quite different.<\/p>\n

\u201cIt\u2019s a matter of how do we get this field within the investor and consumer protection that we have, and also working with bank regulators and others,\u201d the SEC chairman continued. He also stressed the need to ensure that the Treasury Department has crypto within anti-money laundering (AML) laws and tax compliance, adding that there is also \u201cthe financial stability issue that stablecoins could raise.\u201d<\/p>\n

Since Gensler did not directly respond about any plans to ban crypto, Rep. Budd reiterated his question: \u201cBut no bans that you are interested in implementing via the SEC as China has done, really to funnel everyone through their own digital currency?\u201d<\/p>\n

The SEC chairman replied:<\/p>\n

No, that would be up to Congress.<\/p>\n

\u201cWe have been working with the authority you\u2019ve given us,\u201d Gensler clarified. He added that many tokens do meet the tests of being a security, emphasizing that it is important to \u201cbring them within the investor protection remit of the SEC.\u201d<\/p>\n

Recently. Rep. Budd also asked<\/a> Federal Reserve Chairman Jerome Powell whether the Fed had any plans to ban cryptocurrency. Powell similarly said there was no intention to ban or limit the use of cryptocurrencies.<\/p>\n

What do you think about Gary Gensler\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, authority to ban, ban crypto, banning crypto, China, Congress, crypto ban, cryptocurrency ban, Federal Reserve Chairman, Gary Gensler, jerome powell, sec chairman<\/p>\n","protected":false},"excerpt":{"rendered":"

SEC Chairman Gary Gensler says that the SEC has no plan to ban cryptocurrencies as China has done. He noted that it would be up to Congress to make such a decision. Recently, Federal Reserve Chairman Jerome Powell similarly said that the Fed had no intention to ban or limit the use of cryptocurrencies. SEC…<\/p>\n","protected":false},"author":0,"featured_media":12912,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12911"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12911"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12912"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}