Two Republican members of the U.S. House of Representatives criticized the SECGov approach to regulating crypto and suggested the agency's actions were timed to overshadow and undermine efforts to write comprehensive legislation. MarcHochstein writes
Both cases came days after the Republican chairs of two House committees released aHill and Johnson mentioned that discussion draft in their letter, along with two bills introduced since 2021 and 15 hearings held in the last four years on the subject by their House committees .
The SEC's approach"does not protect the public," they argued."Legislation would do far more to prevent future collapses of digital asset firms than enforcement actions. A statutory framework would establish a process for firms to come into the regulatory parameter and comply with consumer protections, rather than relying on enforcement actions to punish a bad actor after the damage has already been done.
They closed their letter with an invitation for"productive engagement" on such legislation from the SEC.
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