In an interview, SEC Chairman Gary Gensler voiced concerns regarding the FIT21 Act, stressing the potential risks to investor protection.

Quick Summary:

Securities and Exchange Commission Chair Gary Gensler criticized the proposed Financial Innovation and Technology for the 21st Century Act, or FIT21 Act, which aims to overhaul the cryptocurrency industry’s regulatory framework.  Gensler warned that the proposed bill could undermine decades-old investor protections and create major regulatory gaps.

Let’s examine Gensler’s key concerns.

The measure also has the support of former President Donald Trump and several GOP lawmakers, seeing it as a way to modernize and streamline crypto regulation.

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Article Details

Author / Journalist: Elena R

Category: Crypto

Markets: United States

Topics: News Crypto Regulations

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-22 @ 11:45:33 (1 months ago)

News Timezone: GMT +8:00

News Source URL: coinpedia.org

Language: English

Article Length: 443 words

Reading Time: 3 minutes read

Sentences: 29 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coinpedia

News ID: 21058196

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Main Topics: Crypto

Official Website: coinpedia.org

Update Frequency: 8 posts per day

Year Established: 2016

Headquarters: United States

News Last Updated: 20 hours ago

Coverage Areas: United States

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Publisher ID: #112

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