US securities regulator urges against crypto bill adoption
The U.S. securities regulator on Wednesday urged U.S. lawmakers not to adopt a bill that aims to create a new legal framework for digital currencies
The U.S. House of Representatives is expected later on Wednesday to take up the Republican-sponsored Financial Innovation and Technology for the 21st Century Act
The legislation faces an uncertain fate in the U.S. Senate but comes as the U.S. Securities and Exchange Commission
But SEC Chair Gary Gensler said in a statement that the bill "would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts,
The bill is backed by crypto supporters and industry organizations who have long viewed Gensler's SEC as an impediment to the wider adoption of digital assets.
In Wednesday's statement, he said under the bill investment contracts recorded on a blockchain would no longer be deemed securities
Among other criticisms, Gensler said the bill would also allow issuers of crypto investment contracts to certify themselves that their own products
digital commodities not subject to SEC oversight, leaving the agency just 60 days to challenge this.