Several U.S. legislators and a U.S. Securities and Exchange Commission commissioner expressed concern about expanding the crypto enforcement division. “The SEC is a regulatory agency with an enforcement division, not an enforcement agency.”
Lawmakers Oppose SEC’s Crypto Enforcement Focus
The U.S. Securities and Exchange Commission’s (SEC), was criticized Tuesday by a number of legislators and an SEC commissioner for its focus on crypto enforcement. This followed the SEC’s announcement that the agency nearly doubled the size of its crypto enforcement unit.
SEC commissioner Hester Peirce, also known in the crypto community as “crypto mom” for her pro-crypto stance, commented on Twitter:
SEC is not an enforcement agency, but a regulatory agency. What is the purpose of our leadership in enforcement for crypto?
Congressman Patrick McHenry (R-N.C.) tweeted stating that SEC Chair Gary Gensler’s regulation by enforcement “is stifling American innovation.” He elaborated: “If the U.S. wants to lead the deployment of the next generation of internet technology, we must provide clear, thoughtful rules of the road for the digital asset ecosystem.”
Rep. Warren Davidson (R-OH) contested the SEC chairman’s idea of creating value. “It seems Gary Gensler is testing the labor theory of value at the SEC,” he tweeted. “The more labor, the more value created? Nope. It’s a fallacy in economics and in regulation.”
Congressman Tom Emmer (R-MN) questioned: “I wonder how many taxpayer dollars are being wasted in Gary Gensler’s personal crusade against the crypto industry?”
Rep. Bill Huizenga (R-MI) stressed:
Gary Gensler should be the head of Congress. The SEC’s desire to use regulation by enforcement to provide ‘clarity’ for digital asset market participants is a power grab. Responsible solutions are needed, not bureaucratic dictates.
How do you feel about crypto enforcement being a priority for the SEC? Please comment below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused by the content or use of any goods, services, or information mentioned in the article.
