December 11, 2023

Gary Gensler: only Congress can ban cryptocurrencies

Gary Gensler: only Congress can ban cryptocurrencies

The head of the Securities and Exchange Commission said his agency has no authority or intent to bancryptocurrency.

When asked about cryptocurrencies during a hearing at the House Committee on Financial Operations, Gensler stated:

We have no such authority.Only Congress can ban cryptocurrencies. We are responsible for investor protection. It is important for us to ensure that there are legal regulations in this market that will enable it to protect its investors and comply with money laundering regulations.


Many of the cryptocurrency tokens can indeed be considered investment contracts or notes or securities.

When asked about the specific cryptocurrencies that securities laws should be subject to, he said:

I won't name any token, but I believethat securities laws are very clear – you're raising money from investors who expect to profit from other people's work – and it is subject to securities laws.

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