The head of the Securities and Exchange Commission said his agency has no authority or intention to ban cryptocurrency.
Responding to a question about cryptocurrencies during a hearing before the House Financial Services Committee, Gensler said:
We do not have such authority. Only Congress can ban cryptocurrencies. Our competence includes protecting investors. It is important for us to ensure that this market has regulations in place that will allow it to protect its investors and comply with money laundering regulations.
Additionally:
Many of the cryptocurrency tokens can indeed be considered investment contracts or notes or securities.
When asked about specific cryptocurrencies that should be subject to securities laws, he said:
I do not I will name no token, but I believe that securities laws are very clear - you are collecting money from investors who expect to profit from the work of other people - and this falls under securities law.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
According to cointelegraph.com
You May Also Like
What's wrong with government blockchain?
How governments of different countries use blockchain, what problems are solved with its help, and why the state distributed registry is not decentralized.
The US plans to equate stablecoin issuers with banks
According to American media reports, the White House is considering introducing strict regulation against stablecoin issuers.
