SEC Chair Gensler asserts that existing laws provide adequate authority for the agency, in contrast to the White House and Treasury Department's stance on needing new regulations for the crypto industry.
Gensler criticizes crypto firms for non-compliance with laws, stating failures, frauds, and bankruptcies are due to players not adhering to existing rules, not due to a lack of regulatory clarity.
The White House expresses eagerness to work on a comprehensive regulatory framework for digital assets, while Gensler opposes the need for additional legislation, pushing back against the FIT21 bill.
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