Biden’s Regulators Urged to Work With Congress on Crypto Regulation

Biden's Regulators Urged to Work With Congress on Crypto Legislation

A number of U.S. lawmakers have urged regulators, including the Securities and Exchange Commission (SEC), to work with Congress on crypto regulation. “Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators to work with Congress to provide clear rules of the road and robust consumer protections through legislation,” said the House Financial Services Committee.

Lawmakers Urge Regulators to Work With Congress on Crypto Regulation

After the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of crypto asset manager Grayscale Investments against the U.S. Securities and Exchange Commission (SEC), a number of lawmakers have urged regulators to collaborate with Congress on cryptocurrency regulation.

On Tuesday, the Financial Services GOP posted on social media platform X:

Chair Gensler’s regulation by enforcement is unlawful and does nothing to protect consumers. It’s time for Biden’s regulators to work with Congress to provide clear rules of the road and robust consumer protections through legislation.

Congressman Patrick McHenry (R-NC), chairman of the House Committee on Financial Services, also posted on X: “SEC Chair Gary Gensler’s crusade against the digital asset ecosystem is falling apart under scrutiny from the courts.” Recently, a federal judge sided with Ripple Labs against the securities regulator in a case involving the offers and sales of XRP. The SEC has expressed its intent to appeal some parts of the ruling.

McHenry further stated that the SEC losing another battle in courts against crypto firms “is yet another example of why a comprehensive regulatory framework, like the FIT for the 21st Century Act, must be made law.” The House Financial Services Committee and the House Committee on Agriculture passed the Financial Innovation and Technology (FIT) for the 21st Century Act (H.R. 4763) in July.

The SEC and Chair Gary Gensler have been heavily criticized for taking an enforcement-centric approach to regulating the crypto industry.

Last week, Congressman Frank Lucas (R-OK) slammed the securities watchdog and Chair Gensler for taking a reckless approach to rulemaking. “Gary Gensler’s SEC is pursuing a reckless, rushed rulemaking agenda with inadequate economic analysis and limited public input — threatening to upend our capital markets,” he asserted.

Do you think the SEC and other regulators should work with Congress on crypto regulation? Let us know in the comments section below.



from Bitcoin News https://ift.tt/oYUgz5d

Comments

Post a Comment

Popular posts from this blog

13 Years Ago Today, Satoshi Nakamoto Published the First Forum Post Introducing Bitcoin

Image
13 years ago today, the creator of the Bitcoin network, Satoshi Nakamoto published the inventor’s first forum post on the P2P Foundation website. The forum post called “Bitcoin open source implementation of P2P currency” introduced the e-cash system to the members of the advocacy and research forum focused on peer-to-peer dynamics in society. The First of 3 February 2009 Forum Posts Introducing Bitcoin There was three occasions in February 2009 when Satoshi Nakamoto introduced the inventor’s Bitcoin white paper and open source codebase to the P2P Foundation forum members. The occasion on February 11, 2009, was the first time the creator of Bitcoin publicly announced the project using the P2P Foundation forum. Prior to these instances during the month of February, Nakamoto leveraged the email system tethered to the cryptography mailing list hosted on metzdowd.com . The introductory forum post is quite fascinating, and the inventor also leaves a link to the software’s first version
Read more

ATPBot Launches the Easiest Automated Crypto Trading Bot for Investors

Image
PRESS RELEASE. ATPBot, the renowned leader in quantitative trading strategy development, proudly introduces its revolutionary auto trading bot to the cryptocurrency market. This cutting-edge bot boasts a user-friendly interface and a proven set of features, designed to cater to both novice and seasoned traders alike. ATPBot leverages the power of artificial intelligence to create and implement winning quantitative trading strategies. Supported by rigorously tested and proven methods, the bot offers meticulous backtest data, instilling investors with confidence in their trading endeavors. The auto trading bot simplifies the complex trading landscape into just three steps: Connect, Select, Run! By connecting to a crypto exchange API, users can effortlessly choose a strategy and set the investment amount. With a single click of the “Run” button, the AI bot takes over, tirelessly working 24/7. ATPBot’s brilliance lies in its constant strategy adjustments, fueled by extensive histori
Read more

Jupiter’s JUP Token Makes a Grand Entry With $700M Airdrop on Solana Blockchain

Image
Jupiter successfully launched its JUP token. The airdrop, one of the largest in crypto history, distributed an astounding $700 million worth of JUP tokens to almost a million wallet holders. Jupiter’s JUP Token Airdrop Distributes to Nearly a Million Users The cryptocurrency world witnessed one of the largest token airdrops in its history on Jan. 31, as Jupiter, a Solana-based decentralized trading aggregator, launched its native token, JUP. The event distributed approximately $700 million worth of JUP tokens to nearly a million wallets. Jupiter’s founder, known pseudonymously as weremeow on X, announced the launch details in a forum post, revealing that the initial circulating supply of JUP would be 1.35 billion tokens, a reduction from the previously projected 1.7 billion. This adjustment brought the total supply to 10 billion JUP tokens, split evenly between team and community wallets. The airdrop constituted 10% of the total supply, amounting to 1 billion JUP. The distributi
Read more