🚀SEC 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." 🏛️

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. 📜

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! 💬👇 #CryptoRegulation #SEC #CFTC