Congressional Republicans criticized SEC Chair Gary Gensler ahead of an oversight hearing Tuesday, arguing that crypto companies can't just 'come in and register' as the regulator has often said. nikhileshde reports
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Republicans on the House Financial Services Committee criticized Securities and Exchange Commission Chair Gary Gensler ahead of a congressional hearing on the agency Tuesday, saying his approach to crypto companies was not"compatible" with existing law.signed by Republicans on the committee argued that national securities exchange regulations are a poor fit for digital assets because cryptocurrencies can be used for non-investment purposes.
Gensler's repeated statements to the industry to"come in and register" are a"willful misrepresentation" of his agency's frameworks, according to the letter. "Given an NSE can only list securities that have been offered in compliance with the securities laws, the inability to register makes the current NSE framework ill-suited for digital asset trading platforms. Moreover, the lack of clarity provided by the SEC as to what digital assets are considered securities also limits what an NSE can list," the letter said.at 10 a.m. ET on Tuesday. A subcommittee will hold a more crypto-specific hearing – discussing stablecoins – on Wednesday.
Gensler has repeatedly said he believes his agency has the authority it needs to oversee crypto, and argued that all crypto exchanges should register with the regulator. More recently, enforcement actions against companies like
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