SEC Chairman Gary Gensler states that there is no need for legislation to supervise cryptocurrencies. The White House and others say they are ready to discuss regulatory policies. 😂

The White House is "eager" to work on a cryptocurrency law. But Gensler thinks existing laws give his agency sufficient authority. This view appears to be at odds with other US regulators, the White House and the Treasury Department. 🤔

Gensler criticizes crypto firms' "unwillingness to comply with applicable laws and regulations." According to Gensler, the crypto industry's record of failures, scams, and bankruptcies is not because there are no rules or the rules are unclear, but because many players in the crypto industry do not follow the rules. 🙄

Biden's White House may not like FIT21 either, but a policy statement released the same morning notes that the administration "wants to work with Congress to create a comprehensive and balanced regulatory framework for digital assets, building on existing authorities." 😎

So what do you think? Are Gensler's views more correct or the White House's? We are waiting your comments! 🚀#DeFi#Web3