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i am sage from calkine media and today we're covering a trending topic
the us crypto ban gary gensler puts the ball in the congress's court
in what can be considered as cold feet the u.s securities and exchange commission chairman gary
gensler indicated that his decision to ban cryptocurrency would be taken by congress
and not the security exchange commission or the sec and speaking at the house committee on
financial services hearing the sec chairman's comments coincided with bitcoin touching
us fifty thousand dollars a few days back china had banned cryptocurrencies in the country raising
speculations that the us two could follow the speculations were raised amidst the news
of a bill that aims to regulate the market similarly other countries such as brazil too
are considering regulating cryptocurrencies instead of banning them in fact cryptocurrency has
seen mixed fortunes this year with the worldwide market capitalization touching u.s
2.18 trillion on wednesday 6th october what is gensler's regulatory vision
gensler has been very vocal about the need for tighter regulations in the past
having said that gensler was of the view that the sec doesn't have the authority or the intention to
ban cryptocurrencies and gensler aims to ensure that the increased cases of financial frauds and
investors losing money are reduced through tighter regulations and gensler said the bank regulators
treasury department all need to work hand in hand to ensure investor consumer protection
one of the main issues that gensler has had with cryptos especially with stable coins is that as
they are not regulated they do not meet the test of being an investment contract and therefore sec
has taken up the issue of financial stability needs to be taken on priority by the agency are
there growing voices against the crypto ban in the us the sentiments for not banning cryptocurrencies
in the us has in fact been growing with many decision makers now making the voices clear
when it comes to digital currencies while many dubbed it a highly manipulative market only a few
days ago the us federal reserve chairman jerome powell indicated that the government has no plans
to ban bitcoin and other cryptocurrencies now or anytime soon and pal's comments could also be an
indication of the us's plan to consider launching its own cbdc or central bank digital currency
although the federal reserve hasn't indicated any time frame for that and many in the fed reserve
quarters believe that the digital dollar would make the financial system within the country
stronger especially post the covert 19 setback the team is still in the process of studying
the feasibility of its inclusion in the day-to-day financial system in conclusion it is clear the us
does consider cryptocurrencies and dollars can coexist provided that they are well regulated
and managed gensler's latest stance comes as refreshing news for the market and the market too
has reacted positively towards it the participants would now hope that both the market and government
stay on the same page for this market to propel to new heights if you do like the information please
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