SEC chairman fiercely criticized by members of Congress for cryptocurrency regulation: 'The most lawless SEC chairman in history'
US Securities and Exchange Commission (SEC) Chairman Gary Gensler was heavily criticized by lawmakers from both parties during a congressional hearing yesterday for mishandling cryptocurrency regulation issues.
The lawless SEC chairman
According to The Block, during the House Financial Services Committee hearing on Tuesday, Republican whip Tom Emmer asked Gary Gensler about the case between the SEC and cryptocurrency startup DEBT Box. A federal judge in Utah once criticized the SEC for poor performance in handling the case, stating that their actions were inappropriate. In the end, the institution was ordered to pay sanctions, including legal fees and related expenses. The judge also criticized the misleading statements made by the SEC, which acknowledged that it did not meet the expected standards.
Tom Emmer directly asked Gary Gensler, "Don't you feel embarrassed when we talk about this today
Regarding this, Gary Gensler responded, "The handling of this case is indeed not very good
On the other hand, Tom Emmer also criticized Gary Gensler as the most "destructive" and "lawless" chairman in the 90 year history of the regulatory agency during the hearing. Tom Emmer told Gary Gensler during the House Financial Services Committee hearing:
You created the term cryptocurrency securities. We cannot have a more historically destructive or lawless SEC chairman
Over the years, many members of Congress have criticized the SEC's cryptocurrency regulatory approach, believing that the rules for the industry are not clear enough. But there is also a group of lawmakers who are cautious about cryptocurrencies, such as Maxine Waters from the Democratic Party, who believe that the SEC is fulfilling its responsibility to protect investors and ensure that the US capital market maintains a global leading position.
This hearing coincides with the election season, and cryptocurrency has become a hot topic. According to a report by consumer advocacy group Public Citizen, cryptocurrency companies have already spent $119 million in 2024, with the majority of funds flowing into political action committees, particularly the Fairshake PAC.
Tom Emmer also mentioned Vice President He Jinli's recent remarks on cryptocurrency. He Jinli stated that she will "encourage innovative technologies such as artificial intelligence and digital assets, while protecting consumers and investors," and will create a "transparent and consistent business environment.
Tom Emmer asked Gary Gensler:
Is this also your strategy? Or is she criticizing you because she thinks you haven't been able to establish clear enough rules in her government over the past three years
Gary Gensler stated that there are currently legal norms in place, but Congress can change these laws, cleverly avoiding this issue and shifting responsibility back to Congress.
Comparison between baseball tickets and NFTs
On the other hand, Democratic Congressman Ritchie Torres also raised questions about how the SEC defines securities, using the example of tickets for the New York Yankees. The cryptocurrency supporter asked Gary Gensler if purchasing a Yankees ticket would be considered a security, and pointed out that the ticket allowed him to enter and watch the game.
The background of Ritchie Torres' question is that the SEC has sued multiple NFT issuers, accusing them of issuing unregistered securities, including Stoner Cats 2 LLC.
Ritchie Torres asked:
From a legal perspective, is there any difference under federal securities law between buying a ticket to watch a Yankees game and buying an NFT to watch an animated web series
Gary Gensler responded that it depends on how the product is provided and sold, and cited Howey's test to illustrate whether there is an investment contract. This test is based on the 1946 ruling of the United States Supreme Court and is used to determine whether an asset belongs to securities.
Regarding this, Ritchie Torres retorted, "People's expectations of whether something can appreciate in value or be sold for profit in the secondary market can apply to any collectible, consumer goods, artwork, or musical work
(责任编辑:财富观察)
-
如果你想为了解决基本内容搜索引擎(SEO)问题而浏览网页,可以适当地使用head标签和meta描述。...[详细]
-
一、古典颜色增加网站浓郁的人文气息 网站设计最重要就是人性化,加上古典气息网站风格,这类网站在装修设计类网站容易常见,给人一种浓厚的文化气息感。...[详细]
-
对于创业公司而言,时机是非常重要的。...[详细]
-
比如在图文创业者这边,你大概不怎么听说有人花钱不做投放,只是让人写稿子。...[详细]
-
回到当下的2017年,曾经风光一时的垂直电商们,活下来的却寥寥无几,凡客经历阵痛,如同做了一次大手术,至今元气未复;当当网股价长期低迷,后从美国退市;聚美优品风光不在,私有化方案倍受争议;曾经的乐...[详细]
-
在2000年鼎盛时期,美国市值最大的前20家公司占据了市场40%的份额。...[详细]
-
KULR 将比特币储备规模扩大至 7800 万美元,年初至今 BTC 收益率达 220%
此外,在创新方面,对企业要求更加严苛的,是要对时代风向具有敏感的把控能力。...[详细]
-
面对他们,俞敏洪登台寒暄后第一句话,先说感谢,第二句话是:我与你们感同身受。...[详细]
-
⑦、看网站内链和外链,外连是否强大,内链是否文章是否做好锚文本。...[详细]
-
3月21日,他们宣布开启“歪·城市计划”,前往中国不同城市去采访当地的外国人。...[详细]