Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), issued a statement on May 22 hours before the House vote opposing the Financial Innovation and Technology Act of the 21st Century (FIT21), saying the bill would harm investor interests and hinder the work of the SEC. Gensler said the FIT21 bill would create new regulatory gaps, undermine decades of regulatory precedent regarding investment contracts, and expose investors and capital markets to huge risks. FIT21 is a bill jointly proposed by the House Agriculture Committee and the House Financial Services Committee to clarify how the SEC and the Commodity Futures Trading Commission (CFTC) regulate cryptocurrencies. The bill creates the term "digital commodities" for digital assets that do not meet the definition of securities, placing these assets under the supervision of the CFTC. (CoinDesk)