US legislator Patrick against SEC crypto regulation move


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TL;DR Breakdown

  • Rep. Patrick McHenry against SEC move for more power to regulate crypto
  • SEC chairman, Garry Gensler wants more protection for crypto investors
  • Patrick propose joint taskforce of SEC, CFTC other regulators to regulate crypto

US legislator Patrick McHenry has opposed the Security and Exchange Commission (SEC) chairman’s recent move for more power so the regulator can bring the cryptocurrency industry under its control totally.

He stated this in an official statement recently posted on the House Financial Services Committee website. The US senator questioned SEC Chairman Gary Gensler’s recent interest in increasing his regulatory powers to exert more control over the cryptocurrency industry.

“Chairman Gensler’s latest move to ask Congress for jurisdiction over non-securities exchanges is a blatant power grab that will hurt American innovation,” the statement read.

Days back, Gensler sent a letter to senator Elizabeth Warren demanding more power such that the regulator can totally bring crypto under its control.

Gensler states that cryptocurrency investors are using platforms that are not “adequately protected” and argues that the SEC should regulate all centralized or decentralized exchanges.

He wants more protection for crypto investors. In his reaction to Gensler’s letter, the US legislator said the ‘blatant grab of power’ will hurt American crypto innovation.

What US legislator Patrick wants

Patrick is totally against moves proposed by Gensler to regulate the crypto industry. He describes it as far-fetched. The US legislator is of the opinion that there are diverse areas to explore in the vast world of cryptocurrencies, and Gensler was wrong to try to generalize and overreach its consequences.

We need smart policy, made through a transparent process, to ensure innovation and job creation continue in the US. We don’t need another backroom deal between Gensler and Elizabeth Warren, Patrick says.

He proposed a joint task force between the SEC, the CFTC, and other stakeholders to design regulatory policies that best serve both national interests and those of entrepreneurs interested in investing in the development of the crypto ecosystem.

Patrick asserts that clear, well-crafted policies could help promote innovation and economic growth in the country.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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