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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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From: Julius Wong	10/5/2021 8:22:21 PM
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SEC's Gary Gensler says the U.S. won't ban crypto - Bloomberg Oct. 05, 2021 6:11 PM ET Bitcoin USD (BTC-USD) By: Max Gottlich, SA News Editor 50 Comments Brendan Smialowski/Getty Images News Securities and Exchange Commission Chairman Gary Gensler says at a House hearing on Tuesday that the U.S. will not ban cryptocurrencies, but will focus on ensuring that the industry is fairly regulated, Bloomberg reports. This is despite the fact that Gensler sees crypto as a "speculative asset that needs more regulation," as well as "rife with fraud, scams, and abuse." "Our approach is really quite different," any ban would probably have to be legislated by Congress, he adds, Bloomberg notes. Federal Reserve Chairman Jerome Powell seems to agree with Gensler as the Fed boss recently said he has no intention of banning cryptos, but stablecoins need more regulatory oversight. In contrast, China recently declared crypto transactions illegal, but it also seeks to launch its own central bank digital currency dubbed the digital Yuan. Speaking of crypto, bitcoin ( BTC-USD) has broken above $50K and is now approaching $52K just a week after the digital token bounced off $41K. In the beginning of August, SEC head Gary Gensler sees a pathway for a bitcoin ETF - Bloomberg.

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