New Crypto Bill that Gary Gensler wants to keep hidden.
The Securities and Exchange Commission (SEC), led by Gary Gensler, filed securities charges against the largest cryptocurrency exchange in America this week. The charges were based on the idea that U.S. law already has the necessary tools to regulate cryptocurrency assets and marketplaces, and Gensler has stated that crypto doesn’t require new rules. However, legislators from both political parties in both the House and Senate disagree and have introduced bills aimed at regulating crypto. One such bill, called the Digital Asset Market Structure and Investor Protection Act, was released just days before the SEC actions and addresses many of the issues the SEC claims are already covered by law. The bill’s existence may be a bigger problem for Gensler than its details, as it demonstrates an ongoing process of crypto market legislation and could be seen as an end-run around Congress. This could potentially violate the Administrative Procedures Act, a 1946 law aimed at ensuring agencies like the SEC remain subordinate to democratic lawmaking processes. The SEC’s actions have been criticized for being undemocratic and could ultimately lead to the elimination of crypto businesses and development in the U.S. It will be up to the courts to determine the legalities.