Thu. Oct 28th, 2021

Bitcoin Soars As SEC’s Gensler Echos Powell: Promises No China-Style Crypto Ban In US

One day after Citadel billionaire founder-CEO Ken Griffin compared the crypto craze a “jihadist” attack on the dollar (not that this would stop Citadel from getting involved in the market once it’s properly regulated), SEC Chairman Gary Gensler said Tuesday afternoon that the SEC has no plans to “ban” bitcoin, like Griffin speculated might happen.

Gensler’s claim echoes a similar remark made by Fed Chairman Jerome Powell last week during his testimony on the economy before the House Financial Services Committee, who said the Fed has no intentions of banning crypto, like China has.

Despite his frequent clashes with crypto industry after promising to create a strict regulatory framework for the new asset class, even Gensler says the “the government’s focus is on ensuring that the industry adheres to investor and consumer protection rules, anti-money laundering regulations and tax laws.”

Gensler made the comment while answering a question during a House hearing after a Republican lawmaker asked if a China-like prohibition was on the table in the US.

When it comes to regulating crypto, the approaches being embraced by the US and China are “really quite different,” Gensler said Ultimately, if the US were to pursue a China-like ban, that would be a decision made by Congress. Gensler says the SEC is simply trying to bring crypto “within the investor protection remit” of the SEC.

Gensler’s comments were only the latest piece of good news that has propelled bitcoin higher lately (just as Powell’s comments last week).

Even though Gensler’s comments aren’t exactly groundbreaking (they certainly jive with what he said during his big crypto policy speech back in August), bitcoin bulls were thrilled that Gensler has somewhat walked back more ominous tone towards a “reckoning” for Crypto from the OCC (while Treasury Secretary Yellen remains less than thrilled at the crypto-space). We can only imagine how Biden’s new nominee for OCC head feels about cryptos.

Tyler Durden
Tue, 10/05/2021 – 17:45

Author: Tyler Durden
Source: http://feedproxy.google.com/~r/zerohedge/feed/~3/XmHecUVgBoA/crypto-rallies-secs-gensler-promises-no-china-style-bitcoin-ban-us

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