Main navigation

SEC Boss Is Not Happy About New Crypto Legislation

Tue, 06/14/2022 - 20:31
article image
Alex Dovbnya
SEC Chair Gary Gensler has poured cold water on a recent bill introduced by Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY)
SEC Boss Is Not Happy About New Crypto Legislation
Cover image via U.Today
Read U.TODAY on
Google News

According to a Tuesday report by the Wall Street Journal, U.S. Securities and Exchange Commission Chairman Gary Gensler is not happy about the recent cryptocurrency bill introduced by Sens. Kirsten Gillibrand (D-NY)  and Cynthia Lummis (R-WY).

The head of the securities regulator believes that the ambitious legislation could negatively impact the broader capital market.

Gensler intends to further discuss his concerns about the bill with lawmakers, the report says.

He has already reiterated his concerns about cryptocurrency exchanges listing unregistered securities.

No, MicroStrategy Is Not Facing Margin Call on Bitcoin Loan
The Gillibrand-Lummis bill, which was introduced in early June, would classify the lion’s share of cryptocurrencies as commodities. This would put crypto under the purview of the Commodity Futures Trading Commission (CFTC), which is more lenient toward the industry.

The hotly-anticipated bill includes safeguards for cryptocurrency customers and stringent requirements for stablecoin issuers.

The bill is highly unlikely to pass this year since it would have to make it through several relevant committees before the Senate will be able to hold a full vote on the legislation.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at