The US House of Representatives on Wednesday adopted a bill that would create a new legal framework for digital currencies, in a move cheered byThe Republican-backed Financial Innovation and Technology for the 21st Century Act -- known as FIT21 -- would split responsibility for cryptocurrency regulation between the Securities and Exchange Commission and the Commodities Futures Trading Commission.
SEC chairman Gary Gensler has warned the proposed law would"create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk." "The crypto industry's record of failures, frauds, and bankruptcies is not because we don't have rules or because the rules are unclear," he added.
Source: Law Daily Report (lawdailyreport.net)
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