Interrogation of the head of the SEC on the requirements and conditions imposed on crypto companies

Interrogation of the head of the SEC on the requirements and conditions imposed on crypto companies

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Answer Interrogation of the head of the SEC on the requirements and conditions imposed on crypto companies

Representative Tom Emer of Minnesota recently sent a letter to Gary Gensler, Chairman of the Securities and Exchange Commission (SEC) with important questions about the crypto industry reporting requirements submitted to the SEC.

The letter was written on behalf of several crypto and blockchain companies claiming that these requirements, framed as not entirely voluntary, impede innovation.

Throttle the crypto sector:

Sent on Wednesday, the letter was signed by seven other members of Congress from various party figures.

Among them are:

Darren Soto, Warren Davidson, Jake Uchenklaus, Byron Donalds, Josh Gotheimer, Ted Budd, Ritchie Torres, 4 Republicans and 4 Democrats.

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The letter notes that the SEC improperly used its investigative powers in violation of the Paperwork Reduction Act.

The law requires federal agencies to be well-accustomed to the public’s time and not overwhelm them with unnecessary or repetitive requests for information.

And what was stated in message Representatives to the SEC body include:

It appears that there has been a recent trend towards exploiting investigative functions to gather information from participants in the unregulated cryptocurrency and blockchain industry in a way that is inconsistent with the authority’s standards.

The correspondence also included a list of 13 questions about how and why the SEC requests information from various blockchain companies.

This includes an inquiry into the number of requests the SEC has sent to individuals and companies about their participation in the blockchain arena over the past five years.

It also asks whether there is a limit to the number of relevant applications the SEC can file each year, and whether the SEC has conducted a cost-benefit analysis on the effectiveness of its applications.

Emer stated regarding the correspondence:

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Cryptocurrency startups should not be burdened with onerous reporting requirements related to jurisdiction.

We will ensure that our regulators do not kill American innovation and opportunity.

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