Biden’s SEC Hates Bipartisan “Responsible Financial Act”

Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), has publicly expressed concerns about new bipartisan legislation drafted by Sens. Cynthia Lummis (R‑Wy.) and Kirsten Gillibrand (D‑N.Y.) that would provide clarity around laws concerning the use and trade of bitcoin, stablecoin, and other cryptocurrencies, and the regulatory jurisdiction under which such commodities fall.The new legislation would limit the SEC’s ability to regulate crypto assets and would turn over responsibility to the commission’s civil enforcement counterpart, the Commodity Futures Trading Commission (CFTC), helping to foster a relatively regulation-lite and pro-business environment for blockchain traders.
Some see Gensler’s new expressions of concern as “too little, too late,” given how long digital currencies have been around and the SEC’s perceived lack of resolve in the past around issuing clear and consistent guidance.
A business development manager in the blockchain and crypto space who asked not to be identified told The Epoch Times that it feels to him and some of his clients as if the SEC and the CFTC are “ba …