Securities and Exchange Commission Chairman Gary Gensler says at a House hearing on Tuesday that the U.S. will not ban cryptocurrencies, but will focus on ensuring that the industry is fairly regulated, Bloomberg reports. This is despite the fact that Gensler sees crypto as a "speculative asset that needs more regulation," as well as "rife with fraud, scams, and abuse." "Our approach is really quite different," any ban would probably have to be legislated by Congress, he adds, Bloomberg notes. Federal Reserve Chairman Jerome Powell seems to agree with Gensler as the Fed boss recently said he has no intention of banning cryptos, but stablecoins need more regulatory oversight. In contrast, China recently declared crypto transactions illegal, but it also seeks to launch its own central bank digital currency dubbed the digital Yuan. Speaking of crypto, bitcoin (BTC-USD) has broken above $50K and is now approaching $52K just a week
