The SEC chairman said that the US financial regulator does not intend to impose a ban on digital currencies. He announced this in the framework of the House of Representatives hearings on financial services.
A longtime supporter of cryptocurrencies and blockchain, parliamentarian Ted Budd decided to ask Gensler if the agency plans to follow China's example by banning cryptocurrency trading and any activity related to them. To which Gensler said that they do not intend to introduce any bans, but everything depends primarily on the decision of the US Congress.
Gensler's statement once again reflects the opinion expressed by US Federal Reserve Chairman Jerome Powell. Earlier, the head of the country's central bank told the House of Representatives Financial Services Committee that the Fed does not plan to ban a new asset class of 2.2 trillion.
Questions like this about the ban are most likely driven by the growing debate on Capitol Hill. As before, on the agenda is the question of the correct regulation of the digital currency industry and its individual parts in the form of cryptocurrency exchanges, stablecoins, and the sphere of decentralized finance.
When Jim Himes' spokesman asked Gensler for a quick guide to crypto regulation in the US, Gensler once again urged crypto exchanges to go through the SEC registration process, while also mentioning DEX. Even in the DeFi industry, there is a centralized protocol, Gensler said, even if it doesn't take full control, unlike centralized exchanges.
At the same time, stablecoins, which the head of the SEC previously called "poker chips", he views solely as a "systemic risk to the economy", especially given the tenfold growth rate they have demonstrated this year.
When Gensler was reminded that while he was teaching at MIT, he classified Bitcoin and Ethereum as commodities, the chairman dodged a direct answer, saying that securities laws were clear enough that he did not intend to discuss any particular token.
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