US Securities and Exchange Commission chair Gary Gensler said his country would not follow China’s lead in banning cryptocurrencies. Photo: Reuters
US Securities and Exchange Commission chair Gary Gensler said his country would not follow China’s lead in banning cryptocurrencies. Photo: Reuters
US Securities and Exchange Commission chair Gary Gensler said his country would not follow China’s lead in banning cryptocurrencies. Photo: Reuters
US Securities and Exchange Commission chair Gary Gensler said his country would not follow China’s lead in banning cryptocurrencies. Photo: Reuters

Business

Cryptocurrencies

US will not ban cryptocurrencies, SEC chief says

Government’s focus is to ensure industry follows investor and consumer protection rules, Gary Gensler says

Bloomberg

October 06, 2021

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The US Securities and Exchange Commission chairman Gary Gensler has had numerous dust-ups with cryptocurrency companies but even he says the US won’t follow China’s lead in banning digital tokens.

Mr Gensler said on Tuesday that the government’s focus is on ensuring that the industry follows investor and consumer protection rules, anti-money laundering regulations and tax laws.

He made the comments at a House hearing after a Republican politician asked whether a China-like prohibition was on the table in the US.

Bitcoin slid about 8 per cent to $40,237 in early Asian trading on September 21, 2021, dropping to its lowest level since the beginning of August. Reuters
Bitcoin slid about 8 per cent to $40,237 in early Asian trading on September 21, 2021, dropping to its lowest level since the beginning of August. Reuters
Vitalik Buterin, the co-founder of Ethereum, became the world's youngest crypto billionaire after Ether breached the $3,000 level in May this year. Bloomberg
Vitalik Buterin, the co-founder of Ethereum, became the world's youngest crypto billionaire after Ether breached the $3,000 level in May this year. Bloomberg
Tether, also known as USTD, is considered a stablecoin as it was designed to always be worth $1. Unsplash
Tether, also known as USTD, is considered a stablecoin as it was designed to always be worth $1. Unsplash
Cardano is growing in popularity with cryptocurrency investors after reaching a market cap of $77 billion in May this year. Unsplash
Cardano is growing in popularity with cryptocurrency investors after reaching a market cap of $77 billion in May this year. Unsplash
Binance Coin is one of the biggest cryptocurrencies in the world. Alamy
Binance Coin is one of the biggest cryptocurrencies in the world. Alamy
US technology company Ripple created the XRP cryptocurrency in 2012. Today, it is trading at about $0.94, according to Coinbase. Unsplash
US technology company Ripple created the XRP cryptocurrency in 2012. Today, it is trading at about $0.94, according to Coinbase. Unsplash
Solana, a programmable blockchain cryptocurrency, hit a record $80.12 in August. Bloomberg
Solana, a programmable blockchain cryptocurrency, hit a record $80.12 in August. Bloomberg
The USD Coin is a stablecoin with about $27 billion worth of coins in global circulation. Unsplash
The USD Coin is a stablecoin with about $27 billion worth of coins in global circulation. Unsplash
The Polkadot cryptocurrency is built on a multi-blockchain network and has a market cap of about $28.8 billion. Alamy
The Polkadot cryptocurrency is built on a multi-blockchain network and has a market cap of about $28.8 billion. Alamy
Originally designed as a meme joke in 2013, Dogecoin today trades for about $0.21 and has a market capitalisation of about $27.6 billion. Getty Images
Originally designed as a meme joke in 2013, Dogecoin today trades for about $0.21 and has a market capitalisation of about $27.6 billion. Getty Images

“Our approach is really quite different,” Mr Gensler said. Any ban would probably have to be legislated by Congress, he said.

China issued its ultimatum against cryptocurrency trading last month, saying all transactions were off limits and that it would move aggressively to root out token mining. The announcement followed months of escalating Chinese warnings about virtual currencies.

Mr Gensler’s remarks mirror those of Federal Reserve chairman Jerome Powell, who said during a September 30 congressional hearing that he had “no intention” of banning cryptocurrencies.

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5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

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German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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Updated: October 06, 2021, 5:18 AM
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