US congressman Warren Davidson finds the moves of the US Securities and Exchange Commission (SEC) towards the cryptocurrency sector insufficient.
Republican Party member Warren Davidson “Some people pump-dump and don’t get any penalties because the SEC has fallen asleep behind the wheel.” said.
According to Davidson, vice chair of the digital assets, fintech, and engagement subcommittee in the House, the SEC has announced that cryptocurrency exchange FTX before it collapsed He was not making the right decisions for the cryptocurrency industry.
Davidson, “no one is happy with what the SEC has done so far” stressed.
The SEC blamed Kim Kardashian for promoting ethereummax (EMAX), an Ethereum-based project, for not making public the information that it was an advertisement. $1.26 million had been fined.
Citing this incident as an example, Davidson said that although Kardashian was fined, that you can still trade with ethereummax He drew attention and said, “The results are clear. (SEC) is not getting the job done.” said.
Apart from that, Davidson says it is still unclear whether the spot cryptocurrency markets will be regulated by the SEC or the Commodity Futures Contracts Commission (CFTC), and he thinks Congress should prepare a policy on this issue.