Eight members of the US Congress said they consider the efforts of the Securities and Exchange Commission (SEC) to regulate and study the cryptocurrency industry “excessive and harmful to the industry.”
Republican Congressman Tom Emmer and seven other members of the US Congress sent a letter to SEC Chairman Gary Gensler condemning the regulator’s actions regarding cryptocurrencies and hinting that the Commission is abusing the powers of its investigative divisions.
“My office has received a lot of advice from crypto and blockchain companies that SEC Chairman Gary Gensler’s briefing on “requests” to the crypto community is burdensome, doesn’t seem particularly… voluntary… and stifles innovation.” wrote Emmer on Twitter.
He added that in order to work effectively, the SEC must receive information from crypto-currency companies, but this should not interfere with the business. The US Congressman emphasized that the initiative of their group is aimed primarily at protecting the crypto business from the biased attitude of supervisory authorities.
“The SEC has the right to obtain information from market participants for rulemaking purposes, but it must ensure that these requests do not violate the standards set forth in the Paperwork Reduction Act. Cryptocurrency startups should not be weighed down by extra-jurisdictional and onerous reporting requirements. We will make sure our regulators don’t kill American innovation and opportunity.”
Members of the US Congress have been urging agencies and departments for a loyal attitude towards blockchain and cryptocurrencies for several years now. Last year, U.S. Congressmen Tom Emmer and Darren Soto called on the SEC to approve the launch of direct cryptocurrency ETFs, seeing it as logical after the approval of the Bitcoin Futures ETF.
In 2020, US lawmakers asked the US Internal Revenue Service (IRS) to work out taxation of staking in such a way that it does not interfere with the development of the Proof-of-Stake (PoS) model.
However, not all congressmen support cryptocurrencies. So, at last year’s hearings in the US Congress, opposite options for regulating stablecoins were presented. Some of the experts heard in the US Congress proposed to tighten the regulation of stablecoins, others supported the introduction of a law conducive to the development of the market.
Source: Bits
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