Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), said he is not satisfied with the crypto law drafted by Kirsten Gillibrand and Cynthia Lummis.
Gensler believes that the legislation could adversely affect the broader capital market.
Gensler plans to further discuss his concerns about the bill with lawmakers, the Wall Street Journal reported.
One of Gensler’s top concerns is cryptocurrency exchanges, which list unregistered securities.
Gillibrand and Lummis’s bill would classify the majority of cryptocurrencies as commodities. This would put a large portion of cryptos under the Commodity Futures Trading Commission (CFTC), which is more tolerant of the industry.
The highly anticipated bill includes security measures for cryptocurrency customers and stringent requirements for stablecoin issuers.
The Senate needs approval from several committees before a full vote on the bill can take place. For this reason, it seems unlikely that the bill will pass this year.
