Although regulations are often aimed at protecting citizens from bad actors, the effectiveness of cryptocurrency regulations in the United States is in question due to the colossal decline of major exchanges and ecosystems in the last year: FTX, Celsius, Voyager and Terra.
Congressman Tom Emmer expressed his concern about the supervision strategy applied by Gary Gensler, the president of the United States Securities and Exchange Commission (SEC) for the cryptocurrency ecosystem.
Emmer has spoken out against the “indiscriminate and inconsistent approach” of Gensler towards the supervision of cryptocurrencies. On March 16, the congressman revealed that he had been contacted by numerous crypto and blockchain companies who believed that Gensler’s requests for information were excessively onerous and stifled innovation.
We are even more concerned now as we’ve seen his strategy miss Celsius, Voyager, Terra/Luna– and now FTX.
— Tom Emmer (@RepTomEmmer) November 25, 2022
Now we are even more concerned because we have seen that their strategy has failed on Celsius, Voyager, Terra/Luna… and now on FTX.
Congressman Emmer had previously called on the SEC to comply with the rules laid out in the Paperwork Reduction Act of 1980, which was designed to reduce the total amount of paperwork the federal government imposes on private businesses and citizens. .
As a final note, Emmer said that “Congress should not have to learn details about the SEC’s oversight agenda through stories planted in progressive publications,” and added that he looked forward to Gensler’s public testimony before the Financial Services Committee.
American CryptoFed DAO, the first official decentralized autonomous organization (DAO) in the United States, began a legal battle with the SEC over the 2021 token registrations and chose not to have lawyers in his fight for registration.
American CryptoFed also indicated its plans to file a motion to extend the deadline for its response to the SEC’s order to institute administrative proceedings.
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