{"id":50750,"date":"2021-10-06T11:49:11","date_gmt":"2021-10-06T08:49:11","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50750"},"modified":"2025-09-02T20:01:51","modified_gmt":"2025-09-02T17:01:51","slug":"gary-gensler-sec-has-no-plans-to-ban-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/gary-gensler-sec-has-no-plans-to-ban-cryptocurrencies\/","title":{"rendered":"Gary Gensler: SEC Has No Plans to Ban Cryptocurrencies"},"content":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has no plans to ban cryptocurrencies; that is a prerogative of Congress. Gary Gensler, the regulator&#8217;s head, said this.<\/p>\n<p>He commented on a question from Representative Ted Budd about potentially following China&#8217;s lead on digital assets.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Our approach is completely different. The question is how we embed this space [cryptocurrencies] into existing investor and consumer protection frameworks. How should we engage with other regulators to facilitate the Treasury&#8217;s work in combating money laundering and tax administration,&#8221;<\/em> he said.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Oversight of the U.S. Securities and Exchange Commission: Wall Street\u2019s Cop Is... (EventID=114113)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/9CL5WfevHjI?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>During his testimony before Congress, Gensler noted that the majority of cryptocurrencies, in his view, meet the status of investment contracts, while stablecoins pose a threat to financial stability.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Stablecoins worth $125 billion are like poker chips in a casino. If the market continues to rise tenfold, as it did in the last year, the segment will pose a systemic risk to the economy,&#8221;<\/em> he stressed.<\/p>\n<\/blockquote>\n<p>At the same time, the head of the SEC dodged a direct question about the interpretation of Bitcoin and Ethereum.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;I will not discuss specific tokens. Securities laws are clear. If you raise funds, if investors expect profits from the efforts of others, then this falls under regulation,&#8221;<\/em> he explained.<\/p>\n<\/blockquote>\n<p>Gensler also touched on the regulation of exchanges and <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-decentralised-finance-defi\">DeFi<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Even DeFi platforms have a centralized protocol. I believe that here too we can achieve the maximum degree of public policy,&#8221;<\/em> he added.<\/p>\n<\/blockquote>\n<p>Earlier in September, Federal Reserve Chair Jerome Powell <a href=\"https:\/\/u1f987.com\/en\/news\/jerome-powell-the-fed-has-no-plan-to-ban-cryptocurrencies\">said<\/a> there were no plans to ban cryptocurrencies. At the same time, the agency head allowed for bringing some of them under the regulatory framework.<\/p>\n<p>Earlier, Gensler <a href=\"https:\/\/u1f987.com\/en\/news\/gensler-outlines-the-conditions-under-which-the-sec-would-approve-a-bitcoin-etf\">confirmed<\/a> the conditions under which the SEC would approve a Bitcoin-<a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\"><span data-descr=\"exchange-traded fund\" class=\"old_tooltip\">ETF<\/span><\/a>.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Securities and Exchange Commission (SEC) has no plans to ban cryptocurrencies; that is a prerogative of Congress. Gary Gensler, the regulator&#8217;s head, said this.<\/p>\n","protected":false},"author":1,"featured_media":50751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1305,1181,36,128,26],"class_list":["post-50750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-ban","tag-gary-gensler","tag-regulation","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50750"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50750\/revisions"}],"predecessor-version":[{"id":50752,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50750\/revisions\/50752"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50751"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}