Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has said that the Wall Street regulator has no plans to ban cryptocurrencies in the United States.
Gensler made the comments during a video conference with members of Congress that took place on Tuesday (October 5). His statements were made in response to U.S. Representative Ted Budd, who drew attention to China’s ban on cryptocurrency transactions.
Specifically, Gensler stated that the U.S.’s “approach is really quite different” from that of China.
“It’s a matter of how we get (the cryptocurrency) field within the investor-consumer protection that we have,” Gensler said regarding the SEC’s duties. He also noted that other departments are confronting issues around anti-money laundering, tax compliance and financial stability.
On further questioning, Gensler added that restricting cryptocurrency to make way for a government-backed digital currency “would be up to Congress.”
China’s recent decision to impose a ban on cryptocurrency transactions and mining has led to discussion about whether a similar policy could be implemented in the U.S.
On September 30, U.S Federal Reserve Chairman Jerome Powell directly addressed the issue, stating that he has “no intention” of banning cryptocurrencies, although stablecoins that are pegged to the U.S. dollar may be brought under regulations.
The price of Bitcoin has rallied in the last week and is currently near $51,000 U.S.
