SEC’s Gary Gensler expanding authority over cryptocurrency industry despite opposition

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Gary Gensler, head of the Securities and Exchange Commission, is developing his agency’s authority over the cryptocurrency industry despite opposition from some congressional Republicans. While lawmakers understand the need for regulation of the asset class, some are concerned about the SEC’s dominion in this area. One proposed bill aims to limit the agency’s authority over cryptocurrencies, but it faces obstacles from Democratic opposition and the crypto industry itself. For now, Gensler looks poised to continue his efforts to tighten oversight of the burgeoning sector.