Speaking at the House Financial Services Committee hearing on Oct. 5, the SEC chief stated that the agency has no plans to follow China’s lead and impose an outright ban on crypto. “That would be up to Congress,” he added.
Late last month, Andreessen Horowitz partner Katie Haun said following in China’s footsteps would be very bad for the U.S.
At the same committee hearing last week, Federal Reserve Chair Jerome Powell echoed the sentiment stating that the central bank had no plans to ban crypto.
Congresswoman Maxine Waters, who chaired the committee, commented that the SEC has been presented with historic challenges following “the incredible growth of unregistered and volatile cryptocurrency assets, as well as the emergence of cryptocurrency intermediaries, market exchanges, and decentralized protocols.”