According to a Tuesday report by the Wall Street Journal, Chairman of the Securities and Exchange Commission Gary Gensler is not pleased with Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis’ new bitcoin bill (R-WY).
According to the head of the securities regulator, the ambitious legislation may have a negative influence on the larger capital market.
According to the story, Gensler expects to continue discussing his reservations about the bill with lawmakers.
Gensler – SEC has previously expressed his worries about BTC exchanges
The bill presented by Senators Gillibrand and Lummis in early June would categorize the vast majority of bitcoins as commodities. The Commodity Futures Trading Commission (CFTC), which is more tolerant toward the industry, would be in charge of crypto.
Customers will be protected, and stablecoin issuers will face stricter obligations, according to the much-anticipated measure.
The bill is unlikely to succeed this year since it would have to pass through many key committees before the Senate could vote on it in its entirety.
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