U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler expressed concern that the proposed bill to create a regulatory framework for cryptocurrencies could weaken the protection of investors in the traditional financial market.

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Speech at The Wall Street Journal CFO Network Summit On June 14, Gensler was asked what he thought of a recent bill introduced on June 7 by Senators Cynthia Lummis (R-Wash.) and Kirsten Gillibrand (D-NY).

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In response, he said that “we don’t want to undermine the protection we have in the $100 trillion capital market,” adding:

“We don’t want our current stock exchanges, mutual funds, or public companies to kind of unintentionally say with a stroke of the pen, “You know what, I want to be inappropriate too, I want to be out of this regime that I think has benefited investors and the economic growth over the past 90 years.

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The bipartisan Lummis-Gillibrand “Responsible Financial Innovation Act” aims to address many aspects of crypto regulation, such as the tax treatment of digital assets, stablecoins, and agency jurisdictions.

One of the bill’s provisions gives the Commodity Futures Trading Commission (CFTC) “clear authority” over digital asset spot markets. Gensler has long been adamant that most cryptocurrencies are securities administered by the SEC.

Senators largely agreed with Gensler’s point of view, stating that some altcoins are likely to be considered securities under the proposed law, while bitcoin (BTC) and Ethereum (ETH) are considered commodities.

At the summit, Gensler said that the SEC has no intention of expanding its jurisdiction and that some cryptocurrencies are already under the agency’s jurisdiction because they qualify as securities.

“We’re just looking after the retail public […] these tokens are being offered to the public and the public is hoping for a better future. These are the characteristics of an investment contract.”

Meanwhile, CFTC Commissioner Christy Goldsmith Romero, who says she hasn’t yet read the Lummis-Gillibrand bill, welcomed Congressional regulation, speaking at event June 14th.

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Romero, also a former senior advisor to the US Securities and Exchange Commission’s Enforcement Division, was asked if the view that the CFTC is a more liberal regulator than the SEC is correct.

“No, absolutely not […] in fact, they are very similar,” she said, adding that the CFTC has taken several enforcement actions in the crypto space, and each agency takes care of “strict oversight of the markets.”

Explaining the differences she witnessed, Romero said that the CFTC has allowed a large number of crypto products to be traded on its regulated exchanges, with 18 products traded through 11 regulated entities:

“It means that the CFTC is quite experienced in regulating trading in this market, which is very, very helpful as we move forward. This will still require cooperation and coordination with the SEC, I am 100% committed to this, this is my former home.”