SEC has no plans to ban crypto
The Securities and Exchange Commission (SEC) has no plans to ban cryptocurrencies, this is up to Congress. Such a statement was made by the head of the regulator, Gary Gensler.
SEC Chair Gary Gensler says the U.S. won’t follow China’s lead in banning digital tokens https://t.co/j2MkNPJv5h— Bloomberg Crypto (@crypto) October 5, 2021
So he commented on a question of a member of the House of Representatives, Ted Budd, about the possibility of China in imposing a blanket ban on cryptocurrencies.
During his speech to Congress, Gensler reminded that most cryptocurrencies, in his opinion, correspond to the status of investment contracts, and stablecoins are a threat to financial stability.
SEC's Gary Gensler elaborating on his comparing stablecoins to poker chips: "A lot of these stablecoins — excuse me for saying it — grew up over the last 8 years inside of trading platforms around the globe to avert anti-money laundering laws and tax compliance."— Brian Cheung (@bcheungz) October 5, 2021
At the same time, the SEC chief declined to discuss specific tokens and said that one way or another if you raise funds and if investors expect to profit from the efforts of others, it falls under regulation.
Gensler also touched on the topic of regulating exchanges and DeFi, noting that even DeFi platforms have a centralized protocol.
Earlier in September, chair of the Federal Reserve Jerome Powell said there were no plans to ban cryptocurrencies. At the same time, Powell admitted the need to include some of them in the legal field.