SEC Regulation of Crypto Will ‘Hurt American Innovation’ Says Congressman

2021-8-13 21:41

In an official statement, US Congressman Patrick McHenry (R-NC) says that the SEC seeking jurisdiction of exchanges is problematic. 

U.S. Congressman Patrick McHenry has published a press release stating his concerns over the Securities and Exchange Commission (SEC) asking for jurisdiction over all cryptocurrency exchanges. McHenry, from North Carolina, says that the request by the SEC is “a blatant power grab that will hurt American innovation.” McHenry adds that “We don’t need another backroom deal between Gensler and Elizabeth Warren.” 

The statement was in response to a letter penned by SEC Chair Gary Gensler to Senator Elizabeth Warren about regulating cryptocurrencies. In the letter, Gensler talks a lot about crypto exchanges and his issues with the security provided by these services. “I believe these various platforms not only can implicate the securities laws, but some platforms can also implicate the commodities laws and the banking laws. This raises a number of issues related to protecting investors and consumers, guarding against illicit activity, and ensuring financial stability.” Gensler adds that it is his belief additional authorities are needed to prevent transactions, products and platforms from “falling between regulatory cracks.” Additionally, more resources are needed to protect investors in this “growing and volatile sector.” 

McHenry working with the Senate on issue

Senator McHenry’s response also makes mention of the fact that Gensler is also looking to regulate non-securities exchanges. He adds that the letter from Gensler to Warren was the reason he introduced H.R. 1602, the Eliminate Barriers to Innovation Act of 2021. The proposed act is designed to “direct the Commodity Futures Trading Commission and the Securities and Exchange Commission to jointly establish a digital asset working group, and for other purposes.” H.R. 1602 was passed by the House of Representatives on April 20 and is currently waiting for the Senate to tackle the issue. The bill will look to create a digital asset working group made up of the Commodity Futures Trading Commission (CFTC) and the SEC. 

McHenry concludes his letter by stating the need for smart policy created through a transparent process “to ensure innovation and job creation continue in the U.S.”

The post SEC Regulation of Crypto Will ‘Hurt American Innovation’ Says Congressman appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Innovation Blockchain Payment (IBP) íà Currencies.ru

$ 0.0015996 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.08 %
Cåãîäíÿ L: $0.0015996 - H: $0.0015996
Êàïèòàëèçàöèÿ $300.745k Rank 99999
Öåíà â ÷àñ íîâîñòè $ 0.0875348 (-98.17%)

says sec congressman american innovation regulation hurt

Èñòî÷íèê: beincrypto.com

says sec → Ðåçóëüòàòîâ: 126


TokenSoft Lifts Restrictions on Clients’ Use of Approved Law Firms, Following Guidance by SEC

TokenSoft has historically required that their clients use specific law firms that have already been vetted and approved by the platform. The “legal landscape,” as TokenSoft says, was a complicated place with the blockchain industry, and it was easier to work with law firms that that already had to experience with the crypto industry. However, […]

2019-5-2 17:25


Thailand’s ban on crypto was always meant to be a temporary solution, says Thai SEC’s FinTech Director

Thailand was one of the nations to initially impose a ban on the use of cryptocurrencies, before permitting it with regulations in place. The Thai Securities and Exchange Commission [SEC] clarified that crypto-exchanges must seek approval from Thailand’s SEC and also provided an approved list of cryptocurrencies for the crypto-community.

2019-4-27 06:30


SEC’s framework does not answer any big questions about cryptocurrency regulation, says Jake Chervinsky

The U. S. Securities and Exchanges Commission [SEC] was the highlight of the cryptocurrency space after they released a framework on how to analyze which tokens can be classified as securities. Several members in the community consider this guidance to be one of the few steps taken by the commission to regulate the space.

2019-4-4 22:00


Ôîòî:

Crypto Mom Chides SEC Over Failure to Keep up With Cryptocurrency Innovation

Commissioner Hester Peirce of the United States Securities and Exchange Commission (SEC) believes the Commission could do better in keeping in touch with the emerging digital economy. The “Crypto Mom” is beloved for her continued cryptocurrency adoption advocacy and says the SEC should pursue innovation and make regulatory compliance easier for entrepreneurs. Peirce made theseRead More

2019-3-28 21:00


SEC’s Valerie Szczepanik: Many Stablecoins Currently “Might Be Violating Various Securities Laws”

SEC’s Valerie Szczepanik Says There Are Many Stablecoins In The Market Currently That “Might Be Violating Various Securities laws” During her appearance at the ongoing SXSW conference in Austin, the SEC’s Senior Advisor for Digital Assets ‘Valerie Szczepanik’ went on record to state that there currently existed a number of stablecoin offerings that could potentially […]

2019-3-17 23:31


Indian Supreme Court Advocate Says Cryptocurrencies Cannot Be Regulated

A supreme court advocate has explained the limitations of the Indian government’s power to regulate cryptocurrency, determining that the court should not get involved. Meanwhile, the crypto community awaits the government’s regulatory framework and the supreme court hearing of the petitions against the banking ban by the central bank.

2019-3-5 10:35


With Or Without A Bitcoin ETF, The Crypto Industry Will Grow – Says Binance CEO CZ

The CEO of one of the biggest exchange, Binance, aired his view in an ask-me-anything live stream video interview, on the ongoing Bitcoin ETF approval proposal submitted to SEC by Cboe Exchange. Changpeng Zhao, popularly known as CZ said he doesn’t think Exchange Traded Funds (ETFs) are very important to the growth of the crypto […] The post With Or Without A Bitcoin ETF, The Crypto Industry Will Grow – Says Binance CEO CZ appeared first on ZyCrypto.

2019-2-7 19:05


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Àíàëîã Notcoin - Blum - Èãðàé è çàðàáàòûâàé Ìîíåòû



Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

US SEC Sues PulseChain Founder Richard Heart for Securities Fraud

The US SEC is suing entrepreneur Richard Heart for raising over $1 billion from selling unregistered securities via three unincorporated projects: PulseChain, PulseX, and Hex. The post US SEC Sues PulseChain Founder Richard Heart for Securities Fraud appeared first on BeInCrypto.

SEC Sues Quantstamp for Raising Funds Through Unregistered ICO 

The US SEC has sued smart contract auditing firm Quantstamp for raising $28m through an unregistered ICO, settling for a $3.4m fine without admitting guilt. The post SEC Sues Quantstamp for Raising Funds Through Unregistered ICO  appeared first on BeInCrypto.

Binance US and SEC Reach Mutual Agreement on User Funds

A deal between Binance U.S. and the SEC will see customer funds repatriated to the U.S. as the exchange avoids a full-scale asset freeze. The post Binance US and SEC Reach Mutual Agreement on User Funds appeared first on BeInCrypto.

Bakkt Joins Robinhood and eToro in Delisting Major Altcoins

Bakkt is delisting ADA, MATIC and SOL, blaming regulatory uncertainty. It is the latest to drop altcoins following the latest SEC crackdown. The post Bakkt Joins Robinhood and eToro in Delisting Major Altcoins appeared first on BeInCrypto.