U.S. Securities and Exchange Commission Chair Gary Gensler publicly expressed his dissent against the Financial Innovation and Technology for the 21st Century Act, or the FIT21 Act, in a statement released Wednesday.

“[FIT21] would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk,” said Gensler in the statement.

The SEC chair’s main argument centers on his belief that the act, H.R. 4763, undermines the classification of crypto assets as investment contracts, which would remove them from the SEC’s oversight and hinder investor protection efforts.

Gensler argued that FIT21 could allow crypto firms to self-certify their crypto investments and products as “decentralized” …