Financial News: U.S. won't ban crypto

SEC Chairman Gary Gensler said that the U.S. will not ban cryptocurrencies, but will see that the industry is regulated.

Senate Banking Committee Chairman Mike Crapo (R-ID) said "If the United States were to decide - and I'm not saying that it should - if the United States were to decide we don't want cryptocurrency to happen in the United States and tried to ban it, I'm pretty confident we couldn't succeed in doing that because this is a global innovation."

Conversely, Federal Reserve Chairman Jerome Powell agrees with Gensler saying he has no intention of banning cryptos, but stablecoins need more regulatory oversight.

Photo: Committee chairman Sen. Mike Crapo (R-ID) listens to ranking member Sen. Sherrod Brown (D-OH) during a hearing before Senate Banking, Housing and Urban Affairs Committee July 16, 2019 on Capitol Hill in Washington, DC. (Alex Wong/Getty Images)