SEC Chair Gary Gensler denounces crypto market bill ahead of House vote

SEC Chair Gary Gensler has criticized the Financial Innovation and Technology for the 21st Century Act (FIT21 Act), stating that it would undermine investor protection in the crypto market.

Gensler argues that the act would exempt blockchain and crypto from securities regulations, allowing firms to self-certify their assets and products as decentralized and avoid scrutiny from the SEC.

He also claims that the bill eliminates historically tested frameworks, such as the Howey test, which would put investors at risk.

The FIT21 Act has gained support from major crypto players and former US President Donald Trump, and is set to be voted on by the US House of Representatives.

https://www.theblock.co/post/295879/sec-chair-gary-gensler-fit21