SEC's Gensler Says House Bill Would 'Undermine' Regulator's Crypto, Capital Markets Oversight
Summary
SEC Chair Gary Gensler criticized the FIT 21 Act, warning it would create regulatory gaps, undermine investor protections, and hamper the SEC's oversight. The bill aims to clarify crypto oversight, introducing the term "digital commodity" and placing certain assets under the CFTC's purview. Gensler argued that the bill ignores precedent, removes investor protections, and may increase risks for the public. He also expressed concerns about the bill's definition of digital commodities and its potential impact on broader capital markets. The House is expected to vote on the bill, but it faces uncertainty in the Senate and is unlikely to become law this year.
