The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says his agency is not looking to pursue a China-style crackdown on crypto assets.
In a virtual hearing with the U.S. House Committee on Financial Services, Gensler says that the SEC will not ban cryptocurrencies because it is a decision that legislators would have to make.
“That would be up to Congress. What we are working with is the authority that you have given us.”
Gensler says that the US and China have fundamentally different outlooks regarding digital assets.
“I think our approach is really quite different. And it’s a matter of, how do we get this field within the investor and consumer protection that we have?
And also working with bank