US lawmakers criticize the SEC and its chairman Gensler over cryptocurrencies

US lawmakers have criticized the Securities and Exchange Commission (SEC) and its Chairman Gary Gensler for refusing to provide clear regulation of the cryptocurrency industry.
US lawmakers seem to find the position of the SEC and its president shameful.

Congress is concerned about the SEC’s refusal to provide clarity to the cryptocurrency ecosystem

Two US congressmen said that “SEC Chairman Gary Gensler’s continued refusal to provide clarity to the digital asset ecosystem is shameful.”
The two members argue that “the SEC’s policy of providing less market clarity rather than more is intended to create chaos and will corrupt the great capital markets of the United States.”

US Congressmen Patrick McHenry (R-NC) and Tom Emmer criticized the US Securities and Exchange Commission (SEC) and its Chairman Gary Gensler on Friday.
After the SEC rejected Coinbase’s petition for clear regulation of cryptocurrencies.

Also, SEC Chairman Gary Gensler’s continued refusal to provide clarity to the digital asset ecosystem is shameful according to the two congressmen.
Why does the SEC keep losing in court, McHenry wonders?

McHenry added that one of the bills in Congress that addresses cryptocurrency regulation is the Financial Innovation and Technology for the 21st Century (Fit21) Act.
Requires the SEC and the Commodity Futures Trading Commission (CFTC) to “conduct a rulemaking process by conspicuous order.”
“This will lead to stronger consumer protection and clarity for market participants,” he stressed.

While Tom Emmer says it is the SEC’s policy to provide less clarity to the market.
Instead of greater clarity it aims to create chaos and will corrupt America’s great capital markets. This is wrong and a clear violation of the SEC’s mandate.

On the other hand, Gensler insists that the law is clear on digital assets.
He also claims that all cryptocurrency tokens, except Bitcoin, are securities.
It was also recently revealed that the regulatory body is taking a litigation-heavy strategy to regulate the cryptocurrency industry.
Because “the field is full of traffickers, scammers, and non-compliant parties.”

For your information, the SEC recently lost several legal battles against cryptocurrency companies, including Ripple and Grayscale.

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