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SEC Chairman Gary Gensler: The agency does not intend to ban cryptocurrencies

The Chairman of the US Securities and Exchange Commission (SEC) Gary Gensler told Congress yesterday that his agency does not intend to follow China’s ban on encryption. But this does not mean that he is satisfied with the current methods of regulating cryptocurrencies, decentralized financial platforms and stablecoins.

“At present, we just don’t have enough investor protection in terms of crypto finance, issuance, trading or lending,” Gensler said in his witness House Committee Financial Services. “Frankly, at this time, it is more like the Wild West or the old world of’buyer beware’ that existed before the securities law. This asset class is rife with fraud, scams and abuse in some applications. We can do better.”

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