SEC Chairman Questioned by Senators About Overburdensome Crypto Reporting Requirements

Rep. Tom Emmer of Minnesota’s 6th district recently sent a letter to Gary Gensler – Chairman of the Securities and Exchange Commission (SEC) – with critical questions about the authority’s crypto industry reporting requirements.
The letter is written on behalf of multiple blockchain firms that claim these requirements – framed as “requests” – aren’t exactly voluntary, and are stifling innovation.
Stifling the Crypto Sector
Sent on Wednesday, the letter was co-signed by seven other congressmen spanning across party lines. These include Darren Soto, Warren Davidson, Jake Auchincloss, Byron Donalds, Josh Gottheimer, Ted Budd, and Ritchie Torres –  4 Republicans, and 4 Democrats.
The letter suggests that the SEC has been inappropriately using its investigative powers in violation of the Paperwork Reduction Act. The act requires federal agencies to be “good stewards of the public’s time” and “not overwhelm them with unnecessary or duplicative requests for inform

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