While US regulators are slow to make clear and precise regulation on digital assets, congressmen want clear and precise regulations in this area.
Republican, House of Representatives Patrick McHenry urged the US Securities and Exchange Commission (SEC) to clarify its mandate over cryptocurrencies and to be consistent about it.
Republican McHenry has proposed amendments to the Securities Act of 1933, which includes tougher rules and creates a safer space for digital assets.
The bill presented by McHenry is similar to the one proposed earlier this year by SEC member Hester Price, known as the crypto mom.
Congressman McHenry said SEC Chairman Gary Gensler’s statements about SEC sanctions actions and the regulatory space of crypto-assets were “offensive and contradictory”;
We need to promote innovation and technology in the US. We should not ship outside the USA. Legal certainty must be ensured for digital asset projects where we urgently need regulatory clarity.
Praising McHenry’s bill, Blockchain Association CEO Kristin Smith emphasized the need for collaboration between promoters and regulators.
Saying that the SEC already has the authority it needs to regulate crypto exchanges and stablecoins, SEC chairman Gensler urged crypto exchanges to register with the SEC, stating in interviews that most cryptocurrencies have securities properties.