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The SEC Chairman is not pleased with the new cryptocurrency legislation.

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The new cryptocurrency legislation does not sit well with the SEC Chairman.

According to a Wall Street Journal report on Tuesday, US Securities and Exchange Commission Chairman Gary Gensler is not pleased with the recent cryptocurrency bill introduced by Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY).

Head of the securities regulator said, the ambitious legislation could have a negative impact on the broader capital market.

According to the report, Gensler intends to meet with lawmakers to discuss his concerns about the bill further.

He has previously expressed his reservations about cryptocurrency exchanges listing unregistered securities.

The Gillibrand-Lummis bill, introduced in early June, would categorize the vast majority of cryptocurrencies as commodities.

This would bring cryptocurrency under the jurisdiction of the Commodity Futures Trading Commission (CFTC), which is more accommodating to the industry.

The eagerly awaited bill includes safeguards for cryptocurrency customers as well as stringent requirements for stablecoin issuers.

The bill is unlikely to pass this year because it would have to pass through several relevant committees before the Senate could hold a full vote on it.

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