Gary Gensler “Enforcement-Focused Regulatory Approach to Cryptocurrencies, No Plans to Change”; Cryptocurrency Legislation Optimistic to Pass This Year

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler told Bloomberg that the agency has no plans to change its enforcement-oriented regulatory approach to cryptocurrencies. “For the past 90 years, we have benefited from strong legislation from Congress and a variety of agency rules to protect investors, raise capital, and stimulate markets. We will continue to do so.”

Meanwhile, pro-cryptocurrency U.S. Representative French Hill said, “I believe that crypto-related legislation, such as the Financial Innovation and Technology for the 21st Century Act (FIT21), which would classify cryptocurrencies as commodities rather than securities, could be passed this year. “We expect the legislation to pass in the lame duck phase. If it doesn't happen this year, it will be a top priority for next year.”