Congressmen vs. SEC
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="1080" height="607" />)
Congressional Republicans on the Financial Services Commission have asked to withdraw the proposed amendment to the Securities Exchange Act.
Republican congressmen from the United States sent a letter to the Securities and Exchange Commission (SEC) of that country, in which they demand that the body annul the proposed regulation in which it extends its regulatory scope to bitcoin (BTC) exchanges. and cryptocurrencies.
According to lawmakers, the SEC's proposal "exceeds its regulatory authority" as an "effort" to push the digital asset ecosystem overseas.
The lawmakers noted that the SEC proposal, which seeks to broaden the definition of "exchange" to include "communication protocol systems" within the regulatory scope, will stifle innovation and harm cryptocurrency market participants.
In that sense, they urged Gary Gensler, the chairman of the SEC and main promoter of the proposal, to withdraw the project, "as it would effectively shut down the development of the cryptocurrency ecosystem and continue to stall technological innovation in the United States."
The letter was signed by the 27 Republican lawmakers who make up the House Financial Services Committee. Among them are congressmen Tom Emmer, Warren Davidson and Patrick McHenry, who have expressed their rejection of Gensler's management.
24 comments