{"id":1537724,"date":"2022-07-04T00:04:47","date_gmt":"2022-07-04T04:04:47","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1537724"},"modified":"2022-07-04T00:04:51","modified_gmt":"2022-07-04T04:04:51","slug":"bidens-sec-reacts-negatively-to-bipartisan-pro-market-responsible-financial-innovation-act","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-sec-reacts-negatively-to-bipartisan-pro-market-responsible-financial-innovation-act\/","title":{"rendered":"Biden\u2019s SEC Reacts Negatively to Bipartisan, Pro-Market \u2018Responsible Financial Innovation Act\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-sec-reacts-negatively-to-bipartisan-pro-market-responsible-financial-innovation-act%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1537724&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), has publicly expressed concerns about new bipartisan legislation drafted by Sens. Cynthia Lummis (R-Wy.) and Kirsten Gillibrand (D-N.Y.) that would provide clarity around laws concerning the use and trade of bitcoin, stablecoin, and other cryptocurrencies, and the regulatory jurisdiction under which such commodities fall.<\/p>\n<p>The new legislation would limit the SEC\u2019s ability to regulate crypto assets and would turn over responsibility to the commission\u2019s civil enforcement counterpart, the Commodity Futures Trading Commission (CFTC), helping to foster a relatively regulation-lite and pro-business environment for blockchain traders.<\/p>\n<p>Some see Gensler\u2019s new expressions of concern as \u201ctoo little, too late,\u201d given how long digital currencies have been around and the SEC\u2019s perceived lack of resolve in the past around issuing clear and consistent guidance.<\/p>\n<p>A business development manager in the blockchain and crypto space who asked not to be identified told The Epoch Times that it feels to him and some of his clients as if the SEC and the CFTC are \u201cbattling\u201d over jurisdiction in the crypto space, even as clients increasingly seek clarity around the rules and want to know whether they will be required to register with the SEC or the CFTC.<\/p>\n<p>Gensler has reacted negatively to the new bill despite having had ample time in the past to try to achieve clarity around the nuts and bolts of day-to-day crypto regulation, observers say.<\/p>\n<p>In a <a href=\"https:\/\/www.gillibrand.senate.gov\/news\/press\/release\/-lummis-gillibrand-introduce-landmark-legislation-to-create-regulatory-framework-for-digital-assets\">statement<\/a> accompanying the June 7 announcement of the new bill, the Responsible Financial Innovation Act, Gillibrand described it as \u201clandmark bipartisan legislation\u201d that will see a \u201ccomplete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency, and robust consumer protections while integrating digital assets into existing law.\u201d<\/p>\n<p> <strong>Stellar Growth<\/strong> <\/p>\n<p>In her release, Gillibrand went on to describe digital assets and cryptocurrencies<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), has publicly expressed concerns about new bipartisan legislation drafted by Sens. Cynthia Lummis (R-Wy.) and Kirsten Gillibrand (D-N.Y.) that would provide clarity around laws concerning the use and trade of bitcoin, stablecoin, and other cryptocurrencies, and the regulatory jurisdiction under which such commodities fall. [\u2026]<\/p>\n","protected":false},"author":669,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1537724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1537724","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/669"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1537724"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1537724\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1537724"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1537724"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1537724"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}