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Gensler: Statement on the Financial Innovation and Technology for the 21st Century Act
For 90 years, the federal securities laws have played a crucial role in protecting the public. These critical protections were created in the wake of the Great Depression after many Americans suffered the consequences of inadequately regulated capital markets. We saw sky-high unemployment, bread lines, and shantytowns springing up due to mass foreclosures. Back then, the rules didn’t exist. That’s why President Roosevelt and Congress created the SEC and the laws it administers. At their core is the critical concept of registering securities that will be offered to the public and registering the intermediaries ... (full story)
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US securities regulator urges against crypto bill adoption
The U.S. securities regulator on Wednesday urged U.S. lawmakers not to adopt a bill that aims to create a new legal framework for digital currencies, saying it would undermine existing legal precedent and put capital markets at "immeasurable risk." The U.S. House of Representatives is expected later on Wednesday to take up the Republican-sponsored Financial Innovation and Technology for the 21st Century Act, which would in part determine which agencies have jurisdiction over which digital assets. The bill's supporters in Congress say it will provide regulatory clarity, helping promote the industry's growth. The ... (full story)