October 6, 2021

SEC Chairman Agrees Not To Block Crypto, The Decision Belongs To Congress

 Securities and Exchange Commission (SEC) chairman Gary Gensler revealed the supervisory agency has no plans to block crypto.

Instead the figure told the restrictions on the crypto sector were dependent on the decision of members of Congress.

Gensler's allegations in Tuesday's hearing with the House Committee of Financial Services reflected a statement by Federal Reserves chairman Jerome Powell last week.

Apart from that, Gensler still has a firm stance on several aspects including:

Crypto exchange platforms claim to be registered with the SEC but decentralized exchanges (DEXes) rely on stricter legislation because of the existence of a centralized protocol similar to a centralized exchange.

Systemic risks to the national economy with the presence of stablecoins, again The growth of these assets is seen to occur in the long run with a 10x double jump last year.

Gensler’s statement caught on the same day North Carolina representative Patrick McHenry wanted the crypto law amended with the introduction of the latest bill.

While Gensler’s statement invites ambiguity regarding crypto law, McHenry’s idea is seen to help the crypto sector to further thrive with applied transparency.

The crypto market this morning showed a positive movement. Bitcoin (BTC) traded at $ 51,320, up 4.44% in 24 hours, followed by Ethereum (ETH) at $ 3,485 (+2.96%).