đSEC Chair Gary Gensler is sticking to his guns, insisting he doesn't need new legislation to regulate crypto, despite the White House's eagerness to establish a "comprehensive and balanced regulatory framework." đïž
Gensler's stance, which asserts that existing laws provide his agency with ample authority, seems to clash with other U.S. regulatory agencies, the White House, and the Treasury Department. He's taken a strong stance against the Financial Innovation and Technology for the 21st Century Act (FIT21), accusing crypto firms of refusing to comply with laws and regulations for over a decade.
Meanwhile, the Commodity Futures and Trading Commission (CFTC) is all for legislation, arguing that existing law leaves a gap in oversight of the crypto spot markets for non-securities, such as Bitcoin. đ
So, who's right? Is Gensler's hardline approach the way forward, or does the CFTC have a point about the need for new legislation? Let's hash it out in the comments! đŹđ #CryptoRegulation #SEC #CFTC