US lawmaker accuses SEC of ‘enforcement abuse’ against crypto firms
House of Representatives members brought up FTX, Donald Trump’s token launch, and SEC Chair Gary Gensler at the “Dazed and Confused” digital assets hearing.
A Republican lawmaker chairing a House subcommittee overseeing digital assets heavily criticized the United States Securities and Exchange Commission (SEC) and its chair, Gary Gensler, for “insert[ing] politics” into regulating crypto firms.
In a Sept. 18 hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion, Arkansas Representative French Hill claimed that Chair Gensler’s approach to digital assets had led to “confusion and uncertainty” in the markets. At the Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets hearing, the subcommittee chair suggested alternative regulatory routes for crypto, such as the Financial Innovation and Technology for the 21st Century (FIT21) Act currently moving through Congress.
“[…] the pro-FIT21 and pro-regulatory framework views of the majority and many bipartisan does not mean we’re against the SEC going after bad actors or modernizing existing rules to incorporate digital asset securities and other unique instruments,” said Rep. Hill. “We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.”
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Author: Turner Wright
