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SEC's Crypto Enforcement Focus Is Opposed by Lawmakers
The Securities and Exchange Commission (SEC) was lambasted by a number of senators and a commissioner on Tuesday for focusing on crypto enforcement. This comes after the SEC announced that its crypto enforcement unit had nearly doubled in size.
SEC commissioner Hester Peirce, dubbed "crypto mom" by the crypto community for her pro-crypto position, responded on Twitter:
"The Securities and Exchange Commission (SEC) is a regulator with an enforcement branch, not an enforcement agency. Why are we taking the lead in crypto enforcement?"
SEC Chair Gary Gensler's enforcement regime, according to Congressman Patrick McHenry (R-NC), "is suffocating American innovation." "If the United States wants to lead the deployment of the next generation of internet technology, we need to offer clear, deliberate rules of the road for the digital asset ecosystem," he explained.
Rep. Warren Davidson (R-OH) disputed the SEC chairman's definition of value creation. He tweeted, "It appears Gary Gensler is testing the labor theory of value at the SEC." "Does more labor equal more value?" Nope. It's an economic and regulatory folly."
"I wonder how many government funds are being spent in Gary Gensler's personal vendetta against the crypto industry?" said Congressman Tom Emmer (R-MN).
Rep. Bill Huizenga (R-MI) emphasized the following:
"Gary Gensler should not be given authority by Congress. The SEC's intention to offer 'clarity' for digital asset market players through regulation by enforcement is a power grab. We need sensible solutions, not bureaucratic decrees."
