US congressmen urged SEC to stop pressure on crypto companies

The document was signed by three Republican Party officials and four Democratic Party deputies

18.03.2022 - 14:00

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What’s new? Eight US congressmen have sent a letter to the US Securities and Exchange Commission (SEC) Chairman Gary Gensler. In the letter, they expressed concern about the regulator’s unfounded investigations into cryptocurrency companies.

Source: Twitter.com

Who reached out to Gensler? Republican Tom Emmer drafted the document, which was signed by three Republican Party officials and four Democratic Party deputies. Congressman Emmer explained on Twitter the reason for writing the letter:

“My office has received numerous tips from crypto and blockchain firms that SEC Chair Gary Gensler’s information reporting ‘requests’ to the crypto community are overburdensome, don’t feel particularly …voluntary [for the defendants] … and are stifling innovation.”

What do other deputies say? Some congressmen believe that the regulator may be violating a federal law that allows individuals and legal entities to restrict disclosure of their activities. Representative Warren Davidson of the Republican Party said that the authorities should be promoting innovation in the US, rather than stifling it with “an incoherent mix of bad regulation, selective enforcement, and ongoing inaction.”

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