Gary Gensler, Chairman of the U.S. SEC, opposes the 21st Century Financial Innovation and Technology Act (FIT21 Act), saying that the bill will harm the interests of investors and hinder the work of the U.S. Securities and Exchange Commission. Gary Gensler believes that the bill will create new regulatory loopholes, undermine decades of precedents on investment contract supervision, and expose investors and capital markets to immeasurable risks.
PS: The bill will limit the SEC's power to regulate through law enforcement.