During a 4-hour hearing, the SEC chair answered questions from members of the United States Congress regarding cryptocurrencies, stablecoins, exchange regulation, and decentralized finance (DeFi).
When the member of the House of Representatives for North Carolina When Ted Budd asked Gensler if the United States Securities and Exchange Commission had plans to follow China's example in terms of banning cryptocurrencies, the SEC chairman emphasized:
"No, that would depend on Congress."
Exchanges need to "go in and register" with the SEC
During his speech, Gary Gensler highlighted the need for exchanges to "enter and register" with the SEC.
This is due to their conception that, due to the “potential systemic risk” that stablecoins represent, they need greater regulation, and that “most” of cryptocurrencies fall within the definition of “value”, as in the case against Ripple.
Comments