To Gary Gensler, 8th Congressman, chairman of the United States Securities and Exchange Commission (SEC), cryptocurrency sent a letter to their companies about the policies they apply.
Members of Congress imply that the SEC is abusing their investigative departments.
“SEC Investigations of Blockchain and Cryptocurrency Companies Are Abuse of Duty”
Eight members of Congress from the Blockchain Caucus team sent the aforementioned letter on March 16. Congressman Tom Emmer led the group, who felt that the SEC’s scrutiny of the cryptocurrency industry was flawed.
Emmer said the following in his post on Twitter:
“I have had multiple applications from crypto and blockchain companies come to my office that SEC chairman Gary Gensler has reported information reporting ‘requests’ to the cryptocurrency community that are too cumbersome and not very voluntary, thus impeding innovation.”
What’s in the Content of the Letter?
In the letter sent by the congressmen to Gensler, the following statements were found:
“Recently, unregulated cryptocurrencies and investigative functions of the Enforcement Administration Blockchain There appears to be a trend of being used in a way that is not in line with the Commission’s standards for initiating investigations against industry participants.”
Emmer’s office did not respond to a question about which cryptocurrency and blockchain companies are under such pressure from the SEC.
Gary Gensler has been noted for his hostile stance towards the cryptocurrency industry since taking his current role at the beginning of last year.
Gensler recently explained in his private presentation to Democrats in the House of Representatives that most cryptocurrencies are securities and that they fall under their jurisdiction, along with the exchanges that list them.
*Not investment advice.