We have some great news coming out of the United States on the cryptocurrency industry this month with potentially more good news coming later this fall. On Oct. 6, Gary Gensler, head of the U. S. Securities and Exchange Commission (SEC), confirmed during a House Committee on Financial Services hearing that the regulator will not ban cryptocurrency, potentially blazing the path for the world’s largest economy to become the global leader in the development of decentralized finance (DeFi) and blockchain technologies.
Gensler, who taught a class on cryptocurrency at MIT, also said that prohibiting cryptocurrency doesn’t fall under the SEC’s mandate and the only way to legally ban digital assets would be through Congress. “It’s a matter of how we get this field within the investor consumer protection that we have and also working with bank regulators and others — how do we ensure that the Treasury Department has it within Anti-Money Laundering, tax compliance,” Gensler said. He also added:
The SEC’s announcement comes after U.S. Federal Reserve Chair Jerome Powell said on Sept. 30 that the regulator has no plans to ban Bitcoin (BTC) and other cryptocurrencies during testimony in Congress. When asked by Rep. Ted Budd, a longtime advocate for the cryptocurrency sector and a member of the Congressional Blockchain Caucus, whether he intended to “ban or limit the use of cryptocurrencies,” Powell responded with a resounding “No. [I have] no intention to ban them.”
Continue reading: https://cointelegraph.com/news/the-united-states-will-become-the-global-crypto-and-blockchain-leader
Gensler, who taught a class on cryptocurrency at MIT, also said that prohibiting cryptocurrency doesn’t fall under the SEC’s mandate and the only way to legally ban digital assets would be through Congress. “It’s a matter of how we get this field within the investor consumer protection that we have and also working with bank regulators and others — how do we ensure that the Treasury Department has it within Anti-Money Laundering, tax compliance,” Gensler said. He also added:
U.S. regulators will not ban cryptocurrencies
The SEC’s announcement comes after U.S. Federal Reserve Chair Jerome Powell said on Sept. 30 that the regulator has no plans to ban Bitcoin (BTC) and other cryptocurrencies during testimony in Congress. When asked by Rep. Ted Budd, a longtime advocate for the cryptocurrency sector and a member of the Congressional Blockchain Caucus, whether he intended to “ban or limit the use of cryptocurrencies,” Powell responded with a resounding “No. [I have] no intention to ban them.”
Continue reading: https://cointelegraph.com/news/the-united-states-will-become-the-global-crypto-and-blockchain-leader
