Regulators are Overstepping Their Bounds in the Absence of Crypto Legislation Congressman says McHenry

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Key Takeaways:

  • Congressman McHenry marked that the regulators are overstepping their bounds in the absence of crypto legislation.
  • To be considered concerning and apparently self-contradicting.
  • legislation that addresses crypto directly has floundered in nearly all cases.

Recently, the leading Republican on the House Financial Services Committee has written to the committee chair to call for more crypto legislation. Congressman McHenry marked that the regulators are overstepping their bounds in the absence of crypto legislation.

In a January 24 letter to Maxine Waters (D-CA), Patrick McHenry (R-NC) wrote of rules for crypto: We should not cede these important issues to regulators such as SEC or CFTC, or to the judicial branch, to determine. Instead, this Committee should do its work to appropriately categorise these assets and determine the rules that will govern their use.”

Gensler’s stance on crypto regulation has interestingly excited the course since his Senate confirmation to head the SEC in April. In May, Gensler told the members of the House Financial Services Committee that “it’s only Congress that could address [the regulation of crypto exchanges” He also stated that there was “no federal authority to bring a regime to the crypto exchanges.

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The battle over the classification of digital assets has been ongoing for years, but the Biden administration’s regulators have been especially assertive. For example, SEC chair Gary Gensler has forcefully pushed to regulate crypto exchanges as securities exchanges.

However, The recently-confirmed CFTC chair Rostin Behnam has asked Congress to make the agency the primary cop on the beat. Both commissions have also pushed to increase their budgets after extensive cuts under the Trump administration.

Rep. Patrick McHenry (R-N.C.) has been pushing for regulatory clarity on digital assets since last year from the march in a letter to SEC Chairman Gary Gensler on Tuesday, McHenry laid out a timeline of Gensler’s public statements on the SEC’s role in the regulation of crypto exchanges and stablecoiGensler’s he describes as “concerniSEC’sd apparently self-contradicting.

Notably, many in the crypto industry may like McHe”ry’s sentiment of restraint at these agencies. Legislation that addresses crypto directly haMcHenry’sred in nearly all cases. Many of the leading figures in crypto lobbying have also pushed back against the need for new laws.

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Purnima Dhar

A journalist on a voyage of unearthing the world of fathomless things in tech world. An odyssey writer at eventide and a greek mythology reader while in hush.I Breathe for writing content and fabricating media ties.