French Hill and Dusty Johnson, two US congressmen, wrote to SEC chairman Gary Gensler to express their concerns about the cryptocurrency market.
Two representatives in the United States House of Representatives have written to Gary Gensler, chairman of the Securities and Exchange Commission (SEC), asking him to collaborate with lawmakers to create a complete regulatory framework for cryptocurrencies.
Two members of Congress, French Hill of the House Financial Services Committee and Dusty Johnson of the House Agriculture Committee have voiced their displeasure with the SEC’s approach to enforcement and regulation by rule-making, claiming that it has led to unnecessary confusion and uncertainty in the digital asset industry and among investors.
Representatives stated that for the past four years, they have been holding hearings, introducing bills, and issuing an open discussion proposing a clear division of powers between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in order to close regulatory gaps in the U.S. digital asset market.
Legislation prepared by representatives was defended on the grounds that it would better protect consumers and provide market players more certainty than after-the-fact enforcement efforts. They said the SEC was trying to influence legislation by timing its actions with those of Congress.
Also Read: Ripple’s Win In Court Could Lead U.S. Banks To Look Into Using XRP For Payments Across Borders
Wallets