Chair Gary Gensler publicly voiced his opposition to the Financial Innovation and Technology for the 21st Century Act (“FIT 21” Act).
SEC’s crypto stance before the 2024 elections could majorly sway voter sentiment.for his 2024 presidential campaign, the U.S. Securities and Exchange Commission Chair Gary Gensler has voiced his opposition against the crypto market bill.released on the 22nd of May, Chair Gary Gensler publicly voiced his opposition to the Financial Innovation and Technology for the 21st Century Act .
The FIT 21 Act is a U.S. legislation aimed at promoting the development of new financial instruments and technologies while establishing a framework for their regulation and oversight.“Financial Innovation and Technology for the 21st Century Act would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.
Such a strong stance by the SEC Chair ahead of the 2024 presidential election has sent shockwaves throughout the crypto community.“Gensler overplayed his hand. He thought crypto was an easy target. He relished being the guy that everyone loved to hate.”, SEC Chair Gary Gensler voiced his frustration over the “outsized ratio” of crypto-related inquiries compared to those about traditional finance.
“Crypto is a small piece of our overall markets. But, it’s an outsized piece of the scams and frauds and problems in the markets.”These developments might have a significant impact on President Joe Biden’s position in the upcoming election. His administration’s cautious stance on cryptocurrency, as reflected in Chair Gensler’s regulatory approach, contrasts sharply with Donald Trump’s pro-crypto moves.Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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