The US Securities and Exchange Commission (SEC) boss Gary Gensler announced that the SEC has no plans to ban cryptocurrencies.
During a four-hour-long hearing regarding banning crypto and decentralized finance (DeFi), Gensler said, “no, that would be up to Congress.”
However, Gensler said that the country-based crypto exchanges need to register with the US regulator, adding that most digital assets will be considered as securities. In addition, he said that DeFi platforms will be subject to public policy.
Moreover, Gensler's statement comes just days after the SEC extended the decision deadline around Bitcoin ETFs. The commission was pressurized to have a regulatory stance, hands-off or otherwise, around crypto.
Gensler, meanwhile, didn't give more details to the public about the future of crypto in the events.
Recently, SEC started investigating Circle — the company behind USDC stablecoin. In a regulatory filing that Circle revealed, the regulator said the investigation in July 2021. To clarify, the SEC ordered Circle to provide legal documents and info on its customers’ programs, holdings, and operations.