US senator calls on SEC chairman to create regulatory clarity about cryptocurrencies-regulation
US senator calls on SEC chairman to create regulatory clarity about cryptocurrencies-regulation
A US senator must present the chairman of the US Securities and Exchange Commission (Sec), Gary Gensler, asked to submit clear guidelines for cryptocurrency regulation. The Senator said that in many enforcement measures "the SEC did not identify the securities concerned or the reasons for their status as securities, which would have brought the urgently needed public regulatory clarity".
US senator wants the SEC to provide clear guidelines for crypto regulation
Senator Pat Toomey, member of the US Senate Committee for Banks, Housing and Urban Development, wrote a letter to Secy Chairman Gary Gensler on Friday with regard to regulating cryptocurrencies.
his letter followed that by Gensler Certificate Last week before the Senate Banking Committee. Toomey started:
I write to investigate the concerns that I have expressed when hearing about the need for regulatory clarity in relation to new technologies such as cryptocurrencies, including stable coins.
"In order for investors to benefit from a fair and competitive market, the regulatory authorities must proactively provide rules for the way to industry," said the Senator that the SEC "has instead assumed a strategy of regulation through enforcement in this area". So far, the Commission more than 75 enforcement measures against the crypto industry and has Supported fines and penalties of more than 2.5 billion US dollars for cryptofirms and individuals.
At the Senate Hurry, Gensler praised the success of the SEC when pursuing crypto -related enforcement measures ". However, TOOMEY pointed out that “the SEC did not identify the securities concerned or the reasons for their status as securities, which would have brought the urgently needed public regulatory clarity.”
SEC commissioner Hester Peirce is also concerned about the SEC's approach for crypto regulation. You criticizes your own agency for a enforcement-oriented approach in cryptor regulation.
The Senator from Pennsylvania found that the SEC's approach is related to Gensler's conviction that "the likelihood is quite low" that a certain cryptocurrency platform has no securities. Gensler, for example, said Senator Elizabeth Warren at the hearing that the crypto exchange listed on the Nasdaq coin basis (nasdaq: coin) can have dozens of token, the securities can can.
Recently, Coinbase drip on the SEC a loan product threatened and the company claimed that it received no explanation from the regulatory authority. In the meantime, the securities watchman is in a current complaint with ripple labs target = "_ blank" class = "lar-automated-link" href = "https://markets.bitcoin.com/crypto/xrp" rel = "noopener"> xrp is a security.
Senator Toomey emphasized:
The SEC has the responsibility to do more than just providing probabilistic estimates.
The Senator concluded his letter with the specification of a target = "_ blank" href = "https://www.banking.senate.gov/imo/doc/toomey_qfrs_ensler_on_Crypto.pdf" Rel = "noopener"> He wants Gensler to answer additional Guidelines for cryptoregulation.
What do you think that Senator Toomey asks Sec-Chairman Gensler to give clear guidelines for crypto regulation? Let us know in the comment area below.
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