Gary Gensler, who is the chairman of the SEC, argues that the US will not ban digital tokens, as China has done. Gensler made a statement that the government’s attention is focused on ensuring that the industry complies with anti-money laundering rules, investor, and consumer protection rules.
He made these statements after a Republican asked at a hearing in the House of Representatives whether there was a ban in the United States similar to the Chinese one. Gensler replied that the American approach is very different from the Chinese one and added that any ban must be legislated by Congress. Last month, China made an ultimatum statement, stating that all transactions are prohibited, and that China will actively fight against token mining.
This statement was made after several months of escalating warnings from China towards virtual currencies. Gensler’s statements are similar to the remarks of Federal Reserve Chairman Jerome Powell, who stated that he was not going to ban cryptocurrencies.