US Senator Criticizes SEC Chairman Gary Gensler On Cryptocurrencies: It’s Happening For The First Time!

US Senator John Hickenlooper, US Securities and Exchange Commission (SEC) Chairman Gary Gensler to cryptocurrencies He was one of the first Democrat senators to publicly criticize his slow approach to

For The First Time A Democrat Criticizes SEC Chairman Gary Gensler Over Cryptocurrencies

In a letter to Gensler, originally published by Punchbowl News, Hickenlooper said the absence of a coordinated regulatory framework has led to “unbalanced practice” and hindered a clear understanding of investor protection.

Hickenlooper continued his statements in the letter in question as follows:

“At the same time, as you have repeatedly stated, the current securities regulation is not clearly enforced.

Applying the old rules to the new market may inadvertently result in financial services being more expensive, less accessible, and making the SEC’s disclosure regime less useful to the American public.”

Hickenlooper requested that the SEC determine what disclosures are necessary to clarify which crypto assets are securities, how they should be issued and listed as such, and to inform investors.

In addition, he urged the institution to take action to establish a registration regime for trading platforms and set rules for how trading and custody operations should be conducted.

Gensler and the SEC bitcoin and its approach to cryptocurrencies has previously drawn criticism from the political classes, but often from the opposite side, not from democrats.

Senator Pat Toomey, for example, has criticized the regulator for the lack of regulatory action that could have prevented the ill effects of the collapse of several cryptocurrency companies, such as Celsius Network.

*Not investment advice.