US Senators Want Congress To Intervene In Crypto Guidance — Asks SEC To Be More Clear On Regulation – Regulation Bitcoin News
US Senator Pat Toomey has said Congress needs to step in and provide a regulatory framework for cryptocurrencies. He stressed that the U.S. Securities and Exchange Commission (SEC) has not shared a framework for regulating crypto with lawmakers, and Chairman Gary Gensler said, “We need more clarity on how and why to apply SEC regulations. need to be done,’ he said.
US Senators Want Congress To Intervene In Crypto Regulation
Senator Pat Toomey (R-PA), a prominent member of the Senate Banking Committee, discussed cryptocurrency regulation in an interview with Bloomberg on Thursday.
Commenting on whether the U.S. Securities and Exchange Commission (SEC) is regulating cryptocurrencies too late, he said, “I think the problem is that the SEC doesn’t share the framework it uses with us. “
The senator referred to SEC Chairman Gary Gensler who said most crypto tokens are securities, stating:
Gary Gensler famously claimed that virtually all crypto tokens are securities. I think any sane person can dispute that.
Lawmakers said Gensler “would exclude bitcoin from that classification,” but that “almost everything else…is a security.”
Senator Toomey said the SEC chairman “doesn’t address how we apply the existing framework we use to regulate the issuance and trading of securities to very new and very different technologies. No,’ he explained. — like storage rules and clearance rules — none of these apply. He doesn’t offer any clarity on that. “
Toomey said:
Actually, I think Congress needs to step in and provide some guidance.
“Even if you want to claim that these tokens are securities, I think crypto is different enough,” the senator added, noting that cryptocurrencies are “very different than stocks and bonds.” , and therefore Congress should intervene.” provide a framework. “
The legislator concluded:
In the meantime, Gensler should be more explicit about how and why he intends to apply SEC regulations.
Gensler recently revealed that he has asked committee staff to tweak crypto compliance. Further, he said, “we have asked SEC staff to work directly with entrepreneurs to register and regulate their tokens as securities, where appropriate.” Securities regulators have also set up dedicated offices to review cryptocurrency applications.
What are your thoughts on Senator Pat Toomey’s comments and do you think Congress should step in and provide a regulatory framework for cryptocurrencies? Let us know in the comments section below.
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US Senators Want Congress To Intervene In Crypto Guidance — Asks SEC To Be More Clear On Regulation – Regulation Bitcoin News
Source link US Senators Want Congress To Intervene In Crypto Guidance — Asks SEC To Be More Clear On Regulation – Regulation Bitcoin News
