Several lawmakers have slammed the U.S. Securities and Exchange Commission (SEC) for regulating the crypto industry by enforcement. One lawmaker says the regulator’s latest action against crypto exchange Coinbase “demonstrates a complete contempt for Congress which is in the process of developing a framework.” Another lawmaker stated that if the regulatory framework were in place, “the SEC wouldn’t have to take the actions that they’ve taken.”
Lawmakers Slam SEC and Chair Gary Gensler
The U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler have been heavily criticized for regulating the crypto industry by enforcement after the regulatory agency took action against two leading cryptocurrency exchanges this week.
The Nasdaq-listed crypto exchange Coinbase faced a lawsuit from the SEC on Tuesday, while and its CEO, Changpeng Zhao (CZ), were hit with 13 charges by the securities regulator a day earlier. The SEC labeled 12 crypto tokens as securities in the B
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