[Bitcoin Now] Rising to 62 Million KRW Range... Growing Optimism Alongside US SEC

Gary Gensler, US SEC Chair: "No Cryptocurrency Ban Like China"
Bank of America: "Cryptocurrency Has Grown Too Large to Ignore"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has risen to the 62 million KRW range. Optimism is growing as Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated that he will not ban cryptocurrencies like China.

According to the domestic cryptocurrency exchange Upbit, as of 3:05 PM on the 6th, Bitcoin recorded 62.27 million KRW, up 0.98% compared to the previous day. It has been on an upward trend since surpassing the 60 million KRW mark on the 4th. On the same day, it even rose to 62.48 million KRW at 2:29 PM.

Gensler’s stance of managing cryptocurrencies under regulatory oversight rather than banning them is interpreted as having a positive impact. According to U.S. economic media Bloomberg on the 5th (local time), Gensler stated at the U.S. House Financial Services Committee hearing, “The SEC has had conflicts with cryptocurrency firms, but it will not ban cryptocurrencies like China,” adding, “The U.S. government is focused on ensuring that cryptocurrency firms comply with investor and consumer protection rules, anti-money laundering regulations, and tax laws.” He also added that any regulations would proceed only after going through the legislative process in Congress.

Gensler’s remarks align with the actions of Jerome Powell, chairman of the U.S. Federal Reserve (Fed). According to cryptocurrency media CoinDesk on the 1st, Powell, who also attended the U.S. House Financial Services Committee hearing, stated, “There is no intention to ban cryptocurrencies like China.” However, he explained that stablecoins, which are pegged to fiat currencies, require regulation. In July, Gensler also mentioned that stablecoins could fall under the scope of securities laws.

As a result, optimism about cryptocurrencies is being actively raised in the U.S. financial industry. According to U.S. economic media CNBC on the 5th, Bank of America (BoA), a major U.S. bank, stated in a report, “The cryptocurrency sector is too large to ignore,” analyzing that “demand, supply, scarcity, and the potential launch of a Bitcoin exchange-traded fund (ETF) on the U.S. stock market are driving up its value.” Recently, BoA announced the establishment of a digital assets research team and plans to expand its research scope across the digital asset industry, including finance, technology, social media, and gaming.

This content was produced with the assistance of AI translation services.