US Lawmakers Call Out SEC For Putting Unnecessary Burden on Crypto, Stifling Innovation
2 min read

US Lawmakers Call Out SEC For Putting Unnecessary Burden On Crypto, Stifling Innovation

By News Desk

A group of congressmen are appealing to the US Securities and Exchange Commission (SEC) to be more accommodative to the crypto industry, criticizing the agency’s current stance on the space.

Writing to SEC Chair Gary Gensler, Tom Emmer of Minnesota, Darren Soto of Florida, Warren Davidson of Ohio, Jake Auchincloss of Massachusetts, Byron Donalds of Florida, Josh Gottenheimer of New Jersey, Ted Budd of North Carolina, and Richie Torres of New York questioned the SEC’s process for crypto information seeking.

“While the SEC has authority to obtain information from market participants for rulemaking purposes, it must ensure that these inquiries don’t infringe on the standards established in the Paperwork Reduction Act, which limits the burden the govt. imposes on private businesses & citizens,” Emmer said.

Image via Shutterstock

Emmer also asserted that “Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements,” adding, “We will ensure our regulators do not kill American innovation and opportunities.”

In the congressmen’s letter, they ask a series of questions scrutinizing the SEC’s systems, including:

“Over the past five years, how many voluntary document requests has the SEC sent to individuals, project teams, entities, or the like regarding activities related to cryptocurrency, digital assets, or other uses of blockchain technology (Relevant Entities)?”

The congressmen also asked if the SEC had ever actually tested out their method for gathering information, and if so, what they had learned.

According to congressman Emmer, his office had received numerous reports from crypto and blockchain firms that Chair Gensler’s information requests were “overburdensome,” and that they didn’t feel voluntary and were stifling innovation.

At the time of publishing, there has been no response from Gary Gensler or the SEC.

Newsletter Inline

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Latest Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
Raydium Review: Solana’s DeFi Liquidity Mammoth

Raydium Review: Solana’s DeFi Liquidity Mammoth

June 11, 2022 17 min read

Related Posts

Trader Joe Review
Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche
Trader Joe Review

Trader Joe Review 2022: Complete Guide to the Top DEX on Avalanche

July 2, 2022 30 min read
Huobi Global Review
Huobi Global Review 2022: Good Exchange with DEEP Liquidity
Huobi Global Review

Huobi Global Review 2022: Good Exchange with DEEP Liquidity

June 29, 2022 37 min read
FTX vs FTX US Review
FTX vs FTX US: Which one is BEST for You?
FTX vs FTX US Review

FTX vs FTX US: Which one is BEST for You?

June 27, 2022 14 min read
Bancor Review
Bancor Review: Impermanent Loss Protector?
Bancor Review

Bancor Review: Impermanent Loss Protector?

June 22, 2022 15 min read
Bridge Mutual Review
Bridge Mutual: Insurance for your Crypto
Bridge Mutual Review

Bridge Mutual: Insurance for your Crypto

June 22nd, 2022 22 min read
Serum Review
Serum Review: Solana’s One-Stop DeFi Toolbelt
Serum Review

Serum Review: Solana’s One-Stop DeFi Toolbelt

June 16, 2022 17 min read
crypto com
Crypto.com Exchange Review 2022: A World-Class Crypto Exchange
crypto com

Crypto.com Exchange Review 2022: A World-Class Crypto Exchange

June 14th, 2022 30 min read