1. BITBILIHome
  2. Article

US Senator criticizes SEC Chair for stifling crypto innovation

• 198 views

TL;DR Breakdown

  • US Senator Bill Hagerty has called out SEC Chair Gary Gensler for stifling crypto innovation.
  • Calls for hearing to examine SEC’s impact on the crypto sector.

Description

As Congress returns from its summer break, US Senator Bill Hagerty has taken a strong stance against the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, accusing him of inhibiting cryptocurrency innovation. In a speech delivered on Thursday, Senator Hagerty previewed the growing discontent among lawmakers regarding the regulatory approach to cryptocurrencies. The US … Read more

As Congress returns from its summer break, US Senator Bill Hagerty has taken a strong stance against the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, accusing him of inhibiting cryptocurrency innovation. In a speech delivered on Thursday, Senator Hagerty previewed the growing discontent among lawmakers regarding the regulatory approach to cryptocurrencies.

The US Senator wants all focus on Gary Gensler

US Senator Hagerty and other members of the Senate Banking Committee will have the opportunity to question Chair Gensler directly during a routine hearing focused on SEC oversight scheduled for September 12. However, Senator Hagerty believes that this single hearing is insufficient. He contends that the Democrat-controlled Senate Banking Committee should schedule additional hearings specifically dedicated to examining the actions of Chair Gensler and the SEC about the U.S. crypto sector.

Senator Hagerty expressed his concerns, stating, “It is a terrible environment. For those companies who are trying to invest and expand, it’s forcing them to look overseas to more favorable regulatory environments. That’s not where we need to be right now.” This sentiment echoes the frustrations of many within the cryptocurrency industry who have voiced concerns about stifling innovation due to regulatory uncertainty.

Hagerty pointed out that Chair Gensler’s adversarial stance toward cryptocurrency is detrimental to the industry. However, he also criticized U.S. banking regulators for creating an atmosphere of caution among banks regarding their involvement with cryptocurrencies. Regarding the future of cryptocurrency legislation, US Senator Hagerty declined to speculate on which ongoing efforts are most likely to make progress.

Calls for hearing to examine SEC’s impact on the crypto sector

The US Senator also advocated for an incremental approach, suggesting that Congress should tackle the regulatory framework in smaller, more manageable pieces rather than pursuing comprehensive legislation. He cited his two-page Stablecoin Transparency Act as an example of such an approach, aiming to establish straightforward rules promptly. In the realm of cryptocurrency regulation, the Senate Banking Committee, led by Senator Sherrod Brown, plays a pivotal role.

The intentions of senior Democrats on the committee have been relatively quiet, in contrast to the House Financial Services Committee, which has advanced cryptocurrency-related bills to the floor. The path that Senator Brown’s committee will take regarding cryptocurrency legislation remains uncertain. Senator Hagerty’s critique of Chair Gensler and the SEC’s approach to cryptocurrency regulation reflects the ongoing debate within Congress about the appropriate regulatory framework for the digital asset space.

As the cryptocurrency industry continues to evolve, lawmakers are grappling with the need to strike a balance between fostering innovation and safeguarding investors and financial stability. The upcoming Senate Banking Committee hearing with Chair Gensler is expected to shed further light on the regulatory direction that the United States will take regarding cryptocurrencies and blockchain technology.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:US Senator criticizes SEC Chair for stifling crypto innovation

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月9日 12:47
Next 2023年9月9日 13:37

Related articles

  • CoinsPaid Resumes Operations After Hacker Attack; Collaborates with Crypto Community

    TL;DR Breakdown CoinsPaid rebounds after a hacker attack by the Lazarus Group, preventing higher losses through robust security measures and expert response. The company collaborates with crypto community members, initiates an investigation, and aims to lead an industry-wide initiative to strengthen security and prevent similar attacks in the future. Description In a shocking turn of events, leading cryptocurrency payment provider CoinsPaid recently experienced a major hacker attack on July 22nd, resulting in a loss of USD 37.3 million. The suspected culprit behind this audacious heist is the notorious Lazarus Group, a powerful hacker organization known for targeting high-profile companies worldwide. Despite the staggering nature of … Read more In a shocking turn of events, leading cryptocurrency payment provider CoinsPaid recently experienced a major hacker attack on July 22nd, resulting in a loss of USD 37.3 million. The suspected culprit behind this audacious heist is the notorious Lazarus Group, a powerful hacker organization known for targeting high-profile companies worldwide. Despite the staggering nature of the attack, CoinsPaid’s dedicated team of experts swiftly responded, fortifying their systems to minimize the impact and…

    Article 2023年7月27日

  • The U.S. is never going into recession – Here is why

    TL;DR Breakdown U.S. Treasury Secretary, Janet Yellen, asserts the U.S. economy is on a good path and doesn’t expect a recession. U.S. is controlling inflation effectively and the labor market remains strong despite global concerns. No immediate plans for U.S. tariff reductions as part of efforts to normalize relations with China. Description As global markets continually adjust to fluctuating economic conditions, there is a palpable fear of a looming recession. However, it seems the U.S. has found a way to keep such economic downturns at bay. The country’s economic fortitude, highlighted by Treasury Secretary Janet Yellen’s recent optimistic comments, paints a picture of an American economy not … Read more As global markets continually adjust to fluctuating economic conditions, there is a palpable fear of a looming recession. However, it seems the U.S. has found a way to keep such economic downturns at bay. The country’s economic fortitude, highlighted by Treasury Secretary Janet Yellen’s recent optimistic comments, paints a picture of an American economy not only weathering international financial turmoil but also setting the stage for continued growth. U.S. is…

    Article 2023年7月18日

  • Nigeria’s tax revenue soars to record high in first half: Report

    TL;DR Breakdown Nigeria’s tax revenue hit a record 5.5 trillion naira ($7 billion) in H1 2023, exceeding targets. Despite economic challenges, the FIRS anticipates better performance in H2 2023. June’s government revenue doubled to 1.9 trillion naira, with funds allocated to offset fuel subsidy removal. Description Nigeria, Africa’s largest economy, has reported a record tax revenue of 5.5 trillion naira ($7 billion) for the first half of the year, exceeding the government’s target of 5.3 trillion naira. However, the Federal Inland Revenue Service (FIRS) attributes this success to improved voluntary tax compliance, enhanced automation of tax administration processes, and robust engagement … Read more Nigeria, Africa’s largest economy, has reported a record tax revenue of 5.5 trillion naira ($7 billion) for the first half of the year, exceeding the government’s target of 5.3 trillion naira. However, the Federal Inland Revenue Service (FIRS) attributes this success to improved voluntary tax compliance, enhanced automation of tax administration processes, and robust engagement with stakeholders across both formal and informal sectors. FIRS Rakes-in Record N5.5 Trillion In Six Months The FIRS has announced a…

    Article 2023年7月22日

  • Why are G7 countries icing out Russia?

    TL;DR Breakdown G7 countries are planning to ban imports of Russian diamonds from January. The decision aims to target a major sector of the Russian economy untouched by existing sanctions. Russia is the world’s top producer of rough diamonds, with significant exports passing through Antwerp and getting polished in India. Description Dive into the shimmering world of diamonds, and one is plunged into a vast pool of geopolitics, technology, and economies. The recent shift in the diamond industry is no exception, with the G7 countries marking their territory and setting a firm stance against Russia. Why? Because when it comes to the G7’s economic play, every … Read more Dive into the shimmering world of diamonds, and one is plunged into a vast pool of geopolitics, technology, and economies. The recent shift in the diamond industry is no exception, with the G7 countries marking their territory and setting a firm stance against Russia. Why? Because when it comes to the G7’s economic play, every gem has a story, and Russia’s stones have become increasingly controversial. Diamonds in the Rough: Russia’s…

    Article 2023年9月18日

  • U.S. Court orders SEC to respond to Coinbase’s rulemaking petition within seven days

    TL;DR Breakdown The U.S. Court of Appeals ordered the SEC to respond to Coinbase’s petition for clearer crypto regulations. The SEC is suing Coinbase, raising concerns about its approach to crypto regulation. The United States Court of Appeals for the Third Circuit has ordered the U.S. Securities and Exchange Commission (SEC) to clarify its stance on a rulemaking petition from Coinbase, the only publicly-traded cryptocurrency exchange in the United States. The Court asked SEC to respond within a week. This order comes in response to Coinbase’s Administrative Procedure Act challenge filed in April, which sought to compel the SEC to respond to its 2022 petition for formal rulemaking in the digital assets sector. Coinbase’s petition, pending since July, has been a clarion call for clearer regulatory guidelines for the burgeoning cryptocurrency industry in the U.S. The exchange has asked the SEC to answer 50 specific questions concerning the regulatory treatment of certain digital assets, including how tokens are classified as securities. Paul Grewal, Coinbase’s Chief Legal Officer, has been vocal about the need for regulatory clarity, stating that the SEC’s…

    Article 2023年6月12日
TOP