If crypto exchanges and lending platforms are not brought inside the policy framework, “a lot of people will get hurt,” U.S. Securities and Exchange Commission Chair Gary Gensler testified before the House Financial Services Committee.

“If we don’t get these [crypto] exchanges, lending platforms inside the public policy framework, a lot of people will get hurt,” Gensler said on Tuesday. “It is a highly speculative idea that a token [trades] on the potential that in the future it might be worth something because others will pay for [it].”

Gensler was grilled on risks associated with crypto trading, the popularity of retail investing, and the looming debt ceiling crisis.

On whether the SEC could ever ban crypto trading like China, Gensler replied that any bans “would be up to Congress.”
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