The US does not intend to follow China in banning cryptocurrencies - Securities and Exchange Commission (SEC) Chairman Gary Gensler said the U.S. has no intention of following China's lead and banning digital tokens, Bloomberg reported.


Responding to a related question from a Republican lawmaker at a House hearing on Tuesday, Gensler said the government is focused on industry compliance with investor and consumer protection rules, anti-money-laundering regulations and tax laws.He added that any ban should probably be legislated by Congress.


Last month, China issued a strong ultimatum to the cryptocurrency trade, saying that all transactions were banned and that it would move to eradicate token mining.


Gensler's remarks echoed those of Federal Reserve Chairman Jerome Powell, who told a congressional hearing on September 30 that he had "no intention" of banning the use of cryptocurrencies.


- Blomberg used materials in preparation


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