TechFlow news, June 10 — According to Eleanor Terrett, industry insiders expressed concern over a new provision in the revised text of the CLARITY Act ahead of today's (June 10) markup session by the U.S. House Committee on Financial Services and the Committee on Agriculture. They described the provision as a "Gensler-era clause."
The revision eliminates exemptions for previously issued tokens and instead grants the SEC broad authority to determine on a case-by-case basis whether each token qualifies as a security. Critics argue that this reintroduces the very uncertainty the bill was intended to resolve.
Note: The term "Gensler era" refers to the regulatory approach toward the cryptocurrency industry taken during Gary Gensler’s tenure as SEC Chair (April 2021 to January 20, 2025). The SEC under Gensler was known for aggressive enforcement actions and a "regulation by enforcement" strategy, rather than providing clear regulatory frameworks.
