Former SEC Chairman Harvey Pitt, who pushed for the need for a regulatory framework for cryptocurrencies in the US and criticized Gary Gensler as head of the department, died on May 30.

Journalists from the Bloomberglaw news publication believe that the passing of former chairman of the US Securities and Exchange Commission (SEC) Harvey Pitt will weaken the position of the crypto community in the confrontation with the current administration of the SEC.

As former chairman of the department, Harvey Pitt has repeatedly criticized the approach to crypto regulation by the new head of the SEC, Gary Gensler. In particular, his professional opinion had weight in the dispute about the recognition of cryptocurrencies as securities.

“Earlier, the SEC has already expressed its position that bitcoin and ether are not securities, and therefore there should be no regulatory intervention from the agency,” Pitt said.

In addition, he supported the demands of the crypto community to create a regulatory framework to regulate the industry, taking into account the specifics of digital assets.

Recall that Gary Gensler holds the opposite point of view. He stated that “rules have been around for a long time: the SEC has developed regulatory requirements for exchanges, broker-dealers, advisors, and asset custody companies.” According to Gensler, crypto companies deliberately do not comply with current legislation.