Markets
SEC’s Gensler Says Bill Would ‘Undermine’ Regulator’s Crypto and Capital Markets Oversight
According to Gensler, FIT21 ignores long-standing precedents for how investment contracts are regulated, puts the agency in a difficult position to certify self-proclaimed issuers of digital commodities, ignores Supreme Court precedent on the Howey Test, removes protections from investors and potentially allows investors to take excessive risks without appropriate disclosures.