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Summary

The SEC Chair expresses concerns about H.R. 4763, stating it could jeopardize investor protection by creating regulatory gaps and allowing self-certification by cryptocurrency companies.

Introduction

In a recent statement, SEC Chair Gary Gensler voiced opposition to the FIT21 Act, warning of the potential risks it poses to investor protection and capital markets.

Main Points

H.R. 4763 makes it harder for the SEC to regulate digital assets, potentially leading to a lack of investor safeguards. Gensler cautions that FIT21 could enable companies to self-certify as digital commodities, evading SEC oversight and risking investor protection. The Chairman highlights concerns about pump and dump schemes exploiting the loophole created by self-certification.

Conclusion

Gensler’s apprehensions about FIT21 highlight the need for careful regulatory considerations to protect investors and maintain the integrity of financial markets amidst the evolving landscape of digital assets.

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