SEC Chief Announced No Plans to Ban Cryptocurrencies
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What did the SEC chief announce?
Gary Gensler stressed that the decision to impose strict measures on digital assets must come from Congress.
The US Securities and Exchange Commission (SEC) has no plans to ban cryptocurrencies, its chairman Gary Gensler said during a speech to Congress, Bloomberg reported. Gensler responded to a question from a member of the House of Representatives, Ted Budd, who wondered if the SEC would impose harsh measures on digital assets like China.
“We have a completely different approach. Any ban would probably have to come from Congress,” the SEC chairman emphasized.
Last week, Federal Reserve Chairman Jerome Powell announced that the US does not plan to ban cryptocurrencies. However, during the meeting of the Financial Services Committee, Powell noted that the authorities consider it necessary to tighten grip over stablecoins.
The People’s Bank of China introduced a complete ban on cryptocurrency transactions at the end of September. As a result, the use of digital assets in the country now equates to illegal activity.
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