U.S. politicians have harshly criticized the SEC’s stance on the cryptocurrency industry, urging the regulator to pursue a more constructive policy.
After the XRP decision in the USA, the reactions against the Securities and Exchange Commission are growing like an avalanche. two Republican members of the U.S. House of Representatives frenchhill And Dusty Johnson In a letter to SEC Chairman Gary Gensler, he criticized the SEC’s stance on the cryptocurrency industry.
In the letter, the congress to close legal loopholes representatives who stated that the SEC by trial and error the whole process of moving you undermine And to the mess reason is Wrote.
While Congress worked to close the loopholes, the SEC opted for regulation through enforcement. This approach of the SEC does not result in compliance and customer protection. Instead, it creates more confusion, as evidenced by the recent summary ruling that refers to Ripple’s partial victory in the court battle with the SEC.
The duo, who maintained their harsh stance in the continuation of their letter, said that some of the SEC’s actions create political interests claimed to have been made for the purpose. In addition, although the representatives did not express it concretely, the SEC’s Binance And to Coinbase He pointed to the timing of his lawsuits.
The SEC came as a shocker by opening the cases in the same week that Congress held constructive sessions to regulate the cryptocurrency market.
Representatives who invite the regulator institution to be constructive, arranged in detail He stated that a crypto currency legislation would be more beneficial for the entire industry.
Another congressman Ritchie Torres In his letter, which he shared publicly on July 13, Ripple (XRP) pointing to his case The SEC’s investigation had requested.