Rodrigo Seyra (Rodrigo Seira) criticized the pragmatic approach of the Securities and Exchange Commission (SEC), as well as the early statements of the former head of the department of Gary Gensler, which is enough for the current legal acts to regulate all aspects of the US crypto industry.
“The idea that crypto projects can simply register with SEC is a myth,” Seera said at the hearing of the subcommittee on digital assets, financial technologies and artificial intelligence of the US House of Representatives.
The expert emphasized that the existing laws on securities not only do not protect users, but also impede innovation. Crypto companies spend huge resources on attempts to understand whether the SEC rules are applicable to them and how to observe them. Many of them were faced with unreasonable persecution by the regulator, which forced some firms to curtail the products or completely leave the US market.
The position of the Seyra was supported by the Congressman Troy Downing, who added that the SEC attitude to each digital asset as a security, regardless of its internal content, threatens the United States with the loss of leadership in the field of financial technologies.
Earlier, the US Department of Justice has announced the disbandment of the national unit to ensure compliance with the rules in relation to cryptocurrencies (NCET). The report of the Deputy Prosecutor General of Todd Blanche said that NCET performed excessive functions, since the regulation of digital assets was not included in the direct duties of the US Ministry of Justice.
Source: Bits
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