FinanceLane
  • Funding
    • Equity Funding
    • Debt Funding
    • Crowdfunding
    • Real Estate Funding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Commodities
    • Forex
    • Private Equity
    • Real Estate
    • Crypto Investing
  • Lending
    • Personal Loan
    • Business Loan
    • Mortgage
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Health Insurance
    • Auto Insurance
    • Education Insurance
    • General Insurance
  • Banking
    • Individual Banking
    • Business Banking
    • Investment Banking
    • Neo Banking
    • Payments Bank
  • Crypto
    • Crypto Coins
    • Crypto Trading
    • Bitcoin
    • Blockchain
    • DAPP
    • Crypto Investing
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Payments
    • Digital Banks
    • Alternative Financing
    • Asset Management
    • Softwares
  • Venture
    • Startup Ecosystem
    • Merging & Acquisition
    • Equity Investing
    • Franchising
    • Business Offers
  • Login
No Result
View All Result
crypto
  • Crypto Coins
  • Crypto Trading
  • Bitcoin
  • Blockchain
  • DAPP
  • Crypto Investing
FinanceLane
Home News Feed Blockchain News

SEC Chair Says Lummis-Gillibrand Bill Could ‘Undermine’ Market Protections

BlockchainbyBlockchain
June 15, 2022
in Blockchain News, Crypto
Reading Time: 2 mins read

The chairman of the U.S. Securities and Exchange Commission (SEC) has expressed concerns that the recently proposed US crypto bill by U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) could undermine the existing regulatory framework for broader capital markets.

Gary Gensler on Tuesday spoke at the Wall Street Journal’s CFO Network Summit where he said that the bipartisan crypto bill could inadvertently “undermine” other market protections.

Gensler was asked about his thoughts regarding the bill and he stated that legislative changes targeting cryptocurrencies could impact stock exchanges or mutual funds. “We don’t want to undermine the protections we have in a $100 trillion capital market,” the SEC chair said.

Last week, U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) introduced a crypto bipartisan bill that aims to create new concepts in the nearly 90-year-old securities laws. The legislation wants to allow issuers of some digital tokens to meet lighter disclosure requirements than public companies.

Gensler said: “We’re not looking to extend our jurisdiction. But these tokens are being offered to the public, and the public is hoping for a better future. That’s the characteristics of an investment contract,” a type of security.

Gensler’s remarks differ from those of his counterpart at the Commodity Futures Trading Commission. Last week, Rostin Behnam, CFTC Chairman, said that the proposed Lummis-Gillibrand bill “does a very good job” of clarifying the distinction between securities and non-securities in the crypto market.

The CFTC To Get More Powers

The Responsible Financial Innovation Act, introduced by Republican Sen. Cynthia Lummis and Democrat Kirsten Gillibrand, would create a comprehensive set of regulations across digital assets in the U.S and specify the rules and roles for crypto regulations.

One of its provisions seeks to provide more clarity around which cryptocurrencies meet the legal definition of securities that the SEC should regulate.

The Lummis-Gillibrand bill says that digital assets that meet the definition of a commodity, including Bitcoin and Ether and more than half of digital assets will be regulated by the CFTC. The bill, therefore, sets to hand over key oversight responsibility to the CFTC, not the SEC.

If the bill becomes law, then it would be a victory for the crypto industry, which has long complained about vague and insufficient regulations governing cryptocurrencies.

The legislation supports positions endorsed by the crypto market participants, including the key argument that many cryptocurrencies should not be subject to securities regulations. SEC has been known for aggressive enforcement actions against crypto firms under Gensler.

Image source: Shutterstock Read The Original Article on Blockchain.News

Tags: CFTCCryptoLUMMIS-GILLIBRANDBILLNewsUSSEC

Related Topics

Blockchain

Opensea Opens Bulk NFT Listings & Purchases for Users

Bitcoin

Bitcoin’s Lightning Network Capacity Crosses 5,000 BTC Benchmark

Prev Next

You May Like

Blockchain

Opensea Opens Bulk NFT Listings & Purchases for Users

Bitcoin

Bitcoin’s Lightning Network Capacity Crosses 5,000 BTC Benchmark

Advisory

Bank FDs vs post office term deposit: Which offers senior citizens higher interest rate for short term

Blockchain

Crypto.com Offers Google Pay and Apple Pay Support for Canadian Users

Blockchain News

Coinbase Introduces PayID and Premium Services for Aussie Retail Customers

Blockchain News

Yuga Labs Sets Up BAYC Community Council to Boost Innovations

Advisory

Central govt employees: General Provident Fund (GPF), CPF interest rates announced for Oct-Dec 2022 quarter

Bitcoin

Bitcoin Crosses $20K Mark, as Whales Continue to Accumulate Tokens

Financial News

Advisory

Yes Bank to charge premature withdrawal penalty for this FD tenure

FinanceLane
by FinanceLane
Bitcoin

Moonbirds Parent Firm PROOF Closes $50M Series A Round Led by A16Z

Blockchain
by Blockchain
Advisory

Are you eligible for PM Kisan Maan Dhan Yojana

FinanceLane
by FinanceLane
Advisory

Check these two methods to verify Aadhaar’s authenticity

FinanceLane
by FinanceLane
Advisory

How to run a small business

FinanceLane
by FinanceLane
Advisory

What is insured under deposit insurance if a bank fails, are deposits in different banks separately insured?

FinanceLane
by FinanceLane
Advisory

You can continue to buy life insurance policy without signature, as IRDAI extends timeline

FinanceLane
by FinanceLane
Blockchain

Solana Introduces Web3 Mobile Phone Saga

Blockchain
by Blockchain
Bitcoin

Central African Republic Top Court Blocks Purchases with New Crypto

Blockchain
by Blockchain
Advisory

ICICI Bank, HDFC Bank, PNB, others: Banks that have hiked MCLR, repo linked home loan interest rates

FinanceLane
by FinanceLane
Blockchain News

Abu Dhabi Women Set to Receive Free Crypto Domains to Expand Their Web3 Knowledge

Blockchain
by Blockchain
Blockchain

Opensea Opens Bulk NFT Listings & Purchases for Users

Blockchain
by Blockchain
Load More
FinanceLane.com
  • Disclaimer
  • Privacy Policy
  • Terms of use
  • Subscribe
  • Contact

Subscribe to get the latest updates

Follow us on

© 2022 FinanceLane.com. All rights reserved.

  • Home
  • Funding
    • Equity Funding
    • Debt Funding
    • Real Estate Funding
    • Crowdfunding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Private Equity
    • Merging & Acquisition
    • Real Estate
  • Lending
    • Personal Loan
    • Business Loan
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Auto Insurance
    • Education Insurance
    • Health Insurance
  • Banking
    • Business Banking
    • Payments Bank
    • Investment Banking
    • Individual Banking
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Alternative Financing
    • Payments
    • Asset Management
    • Digital Banks
    • Softwares
  • Fintech
    • Alternative Financing
    • Asset Management
    • Digital Banks
    • Softwares
    • Payments
  • Crypto
    • Crypto Investing
    • Crypto Trading
    • Crypto Coins
    • Bitcoin
    • Blockchain
    • DAPP
  • Subscribe
  • Contact
  • Login

© 2022 FinanceLane - Terms and Conditions | Disclaimer | Privacy Policy

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.