US House Financial Services Committee Regulatory agencies should cooperate with Congress to establish regulatory rules.

Regulatory agencies should cooperate with Congress to establish rules.

Author: Kevin Helms, bitcoin.com; Translation: Song Xue, LianGuai

Introduction:

Many US lawmakers are urging regulatory agencies including the Securities and Exchange Commission (SEC) to cooperate with Congress on cryptocurrency regulation. “Chairman Gensler’s enforcement-focused approach is illegal and does not protect consumers. It is now time for Biden’s regulatory agencies to work with Congress to provide clear rules and strong consumer protection,” said the House Financial Services Committee.

Lawmakers urge regulatory agencies to cooperate with Congress on cryptocurrency regulation

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After the US Court of Appeals for the District of Columbia Circuit made a ruling favorable to cryptocurrency asset management company Grayscale Investments in its opposition to the Securities and Exchange Commission (SEC), many lawmakers are urging regulatory agencies to cooperate with Congress on cryptocurrency regulation.

On Tuesday, the Republican Committee on Financial Services of the United States House of Representatives posted on the social media platform X:

Chairman Gensler’s enforcement-focused regulatory approach is illegal and does not protect consumers. Biden’s regulatory agencies should now work with Congress to provide clear rules and strong consumer protection.

Patrick McHenry, Chairman of the House Financial Services Committee and Congressman (Republican) from North Carolina, also posted on X: “SEC Chairman Gary Gensler’s assault on the digital asset ecosystem is unraveling under scrutiny in the courts.” Recently, a federal judge supported Ripple Labs in its fight against the securities regulator in a case involving the issuance and sale of XRP. The SEC has stated its intention to appeal certain parts of the ruling.

McHenry further stated that the SEC failed in another battle with a cryptocurrency company in court, “This is why we must legislate comprehensive regulatory frameworks like the 21st Century FIT Act into law.” The House Financial Services Committee and the House Agriculture Committee passed the 21st Century Financial Innovation and Technology (FIT) Act (H.R. 4763) in July.

The SEC and Chairman Gensler have faced severe criticism for their enforcement-centric approach to regulating the cryptocurrency industry.

Last week, Congressman Frank Lucas (Republican, Oklahoma) criticized the securities regulator and Chairman Gensler for their reckless approach to rulemaking. “The US Securities and Exchange Commission led by Gary Gensler is pursuing a reckless, rushed rulemaking agenda with insufficient economic analysis and limited public input, which could upend our capital markets,” he asserted.

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