01:12 PM EDT, 05/22/2024 (MT Newswires) -- Securities and Exchange Commission Chair Gary Gensler on Wednesday warned of significant risks posed by a piece of legislation that seeks to establish a regulatory framework for digital assets.

"The Financial Innovation and Technology for the 21st Century Act would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk," Gensler said in a statement.