SEC's Gensler Criticizes FIT21 Bill || White House Opposes FIT21 Bill but No Veto Threat

SEC's Gensler Criticizes FIT21 Bill
SEC Chair Gary Gensler has opposed the Financial Innovation and Technology for the 21st Century Act (FIT21), stating it would create regulatory gaps and undermine decades of oversight precedent. He believes the bill, which aims to clarify the roles of the SEC and CFTC in overseeing crypto, would weaken investor protections and ignore key regulatory frameworks like the Howey Test. FIT21 would classify certain digital assets as "digital commodities," placing them under CFTC jurisdiction, which Gensler argues would put investors at risk without proper disclosures.

White House Opposes FIT21 Bill but No Veto Threat
While President Biden's administration opposes the passage of the FIT21 bill, it has not threatened a veto. The White House expressed concerns over inadequate investor protections in the bill but indicated a willingness to work with Congress on future crypto market legislation. This stance contrasts with SEC Chair Gary Gensler's view that no additional crypto-specific legislation is needed.

BlackRock's Spot Bitcoin ETF Sees Significant Inflows
BlackRock's spot Bitcoin ETF has recorded its largest inflows since April, with over $1.4 billion in the past week. This comes as Bitcoin hovers around the $70,000 mark, indicating increased investor interest.

Ether Rally Leads to Major Inflows to Exchanges
Ether (ETH) has seen over $300 million in inflows to crypto exchanges, the highest daily amount since January 23. This surge is driven by increasing anticipation of a U.S. spot ETF approval for ETH, as indicated by blockchain data from Nansen Intelligence.