Members of the US Congress are concerned about the SEC exam of Krypto
Members of the US Congress are concerned about the SEC exam of Krypto
- congressions have accused the Sec “overloading” examinations that suffocate
- The latest letter could help crypto companies in America to receive support from the congress in dealing with the Sec.
Well, it is now the US congress against the Sec because the government begins working on the crypto regulatory framework. Eight members of the US Congress recently expressed their concern that the SEC could go overboard during their crypto test and thus suffocate the industry.
The Republican Congressman Tom Emmer from Minnesota has submitted a letter to the chairman of the US stock exchange supervisory authority SEC, Gary Gensler. He writes that the "overloading" investigation of the crypto industry could send the false message of suffocation of innovations.
Emmer and other congressions suggest that the SEC crypto company suffocates and drowns through their recent actions. In one of his last tweets, Emmer wrote :
My office has received numerous tips from crypto and blockchain companies that have the second chairman @span> ’s Information that" Inquiries "report to the crypto community are overloaded, do not feel particularly ... voluntarily ...
Emmer added that the SEC had every right to obtain information from market participants for the control process. However, the regulatory authority should not violate the standards defined in the Paperwork Reduction Act. The congress member adds that the SEC crypto startups should not impose "extrajudicial and stressful reporting requirements". The letter forwarded to the Sec was also signed by four Democrats and three Republicans. The Congress MEPs are also members of the non -partisan congressional blockchain caucus. In further accusations against the securities supervisory authority, Emmer said that the SEC uses the authorities of the Division of Enforcement and the Division of Examination to put crypto and blockchain companies under pressure. He adds: It seems that there has been a trend recently to use the investigation functions of the Enforcement Division in order to collect information from non-regulated participants in the cryptocurrency and blockchain industry that is not compatible with the standards of the Commission for the initiation of investigations. other people from the legal area have also joined the support of these congress members. Collins Belton, managing partner of the law firm for aspiring technologies, Brookwood, said he was happy about the problems mentioned by Emmer. he added that the legal privilege had made it difficult for him to publicly express concerns about the SEC. Buckle called : I could not discuss as much in public due to privilege problems as I would like to have, but with answers to some of them, I think the public will see how absurd some of these inquiries were. The regulatory authority was in the news because of its legal dispute with Ripple. However, the securities supervisory authority seems to lose ground, but refuses to make a back. At the beginning of this year, SEC chairman Gary Gensler also warned of a strict examination of the crypto exchange. But now that the legislators of the congress openly provide support, this will help to strengthen the morality of the crypto companies working in the USA SEC accused the department of Enformanet to your advantage
Source: Crypto-news-flash.com
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