SECURITIES and Exchange Commission Chair Gary Gensler has said the US won’t follow China in banning Bitcoin and cryptocurrencies .
Gensler said on October, 5, the US government’s focus is on ensuring the cryptocurrency industry follows investor and consumer protection rules, anti-money laundering regulations and tax laws.
The SEC Chair made the comments after a Republican lawmaker asked if the US would adopt a similar approach to China.
Gensler said: “Our approach is really quite different.”
He also said any ban would likely have to be legislated by Congress.
China announced that all cryptocurrency transaction are illegal on September 24, 2021, effectively banning digital tokens like as Bitcoin and Ethereum.
The announcement followed months of escalating warnings from China about cryptocurrency.
Gensler’s comments follow those of Federal Reserve Chairman Jerome Powell, who said during a September, 30, 2021 that he had “no intention” of banning cryptocurrencies.