SEC's Gensler's Battle Against U.S. Crypto Legislation

SEC Chair Gary Gensler is at odds with the White House and regulatory agencies over the need for new digital assets policies, opposing the FIT21 bill. Gensler argues that current laws provide sufficient authority, while critics believe regulations are lacking.

The debate centers on the FIT21 bill, designed to establish a regulatory framework for digital assets, with Gensler asserting it undermines investor protection. The White House and Gensler aim to collaborate with Congress to develop alternative crypto regulations, citing concerns about consumer and investor safeguarding.

The upcoming House vote on the FIT21 bill signifies a pivotal moment in reshaping the U.S. digital asset regulatory landscape, with the bill granting greater authority to the CFTC and redefining jurisdictional boundaries for the SEC, despite facing uncertain prospects in the Senate and encountering opposition from the White House.