Gary Gensler criticized the “cryptocurrency” bill HR 4763. N

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Gary Gensler criticized the “cryptocurrency” bill HR 4763. Not surprising, given that it essentially carries out “regulatory castration” of the SEC in matters of regulating the crypto market. Let us remind you that we are talking about the bill “On Financial Innovation and Technologies for the 21st Century” (FIT21 or HR 4763), which will form the basis of the regulatory framework in the field of crypto-assets. It should be considered in the House of Representatives by the end of May. They wrote about it in more detail yesterday and earlier back in 2023. Gensler said approval of the bill would harm investor interests and undermine the use of case law in litigation. And after it comes into force, cryptocurrency companies will have the opportunity to independently determine the nature of their activities and the assets they promote as decentralized. This, he says, will take them out of SEC oversight (that's the crux of all the criticism).

Gary Gensler criticized the “cryptocurrency” bill HR 4763. Not surprising, given that it essentially carries out “regulatory castration” of the SEC in matters of regulating the crypto market.
Let us remind you that we are talking about the bill “On Financial Innovation and Technologies for the 21st Century” (FIT21 or HR 4763), which will form the basis of the regulatory framework in the field of crypto-assets. It should be considered in the House of Representatives by the end of May. They wrote about it in more detail yesterday and earlier back in 2023.
Gensler said approval of the bill would harm investor interests and undermine the use of case law in litigation. And after it comes into force, cryptocurrency companies will have the opportunity to independently determine the nature of their activities and the assets they promote as decentralized. This, he says, will take them out of SEC oversight (that's the crux of all the criticism).