TechFlow news: SEC Chair Gary Gensler raised objections to the FIT21 Act—Financial Innovation and Technology for the 21st Century Act—arguing that the bill would create regulatory gaps, undermine established precedents for investment contract regulation, and expose investors and capital markets to risks.
He pointed out that the bill could remove cryptocurrencies from SEC oversight and hinder investor protection efforts.
Gensler also expressed concern that the bill would leave much of the cryptocurrency market unregulated and exclude crypto trading platforms from the definition of exchanges, thereby increasing risks for investors.
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