A group of members of Congress claimed to Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), that the United States is hindering innovation by noting that they deal with excessive paperwork to vet cryptocurrency exchanges.
Members of Congress argue that they deal with extra paperwork as they think the SEC is acting against their true purpose and jurisdiction.
Republican Minnesota Congressman Tom Emmer shared a post on his official Twitter address. Emmer shared the post, in his office. cryptocurrency exchanges and blockchain firms sent to learn about there are too many files when you see the USA its development and renewal will be prevented. He said he was thinking.
He shared the letter signed by 7 congressmen (four Democrats and three Republicans) on Twitter. Emmer exercises the investigative powers of the SEC, led by Gary Gensler. that you abuse and overpressing crypto companies He claimed that this would hinder development.
Members of Congress also believe that the SEC violated the “Paperwork Reduction Act (PRA),” which regulated the volume of paperwork enacted in 1980.
Collins Belton, managing partner of law firm Brookwood, under Emmer’s post commended the work carried out.