• News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT
  • Metaverse
  • Analysis
  • Learn
  • Videos
  • Blogs
  • Market Cap
  • Shop
What's Hot

Chinese industry group warns Web3 and DeFi high-return deals hide classic Ponzi engines

2025-07-10

Tokenized Stock EXPLOSION: Solana RWAs & Equities Will TAKE OVER!

2025-07-10

How To Mine Bitcoin At Home

2025-07-10

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Crypto Investor News Network
  • News
    • Bitcoin
    • Altcoins
    • Blockchain
    • DeFi
    • Regulation
    • Scams
  • NFT

    All Eyes on Art: Upcoming Collections to Watch the Week of February 4

    2025-02-05

    Creator of rabbit AI assistant has hidden NFT past

    2024-05-02

    Ethereum tops daily NFT sales at US$7 mln, ends weakest month of 2024

    2024-05-02

    Top NFT Airdrops and Giveaways for May 2024

    2024-05-02

    Casio Launches NFT Collection Celebrating 50th Anniversary

    2024-05-01
  • Metaverse

    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

    2025-01-03

    Experience to Earn: Everdome’s Metaverse Frontier

    2024-12-30

    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

    2024-12-13

    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

    2024-10-28

    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

    2024-09-05
  • Analysis

    Crypto Exchange Coinbase Lists New DeFi Altcoin Project Built on Base Blockchain

    2023-12-13

    Ethereum Price Bears Keep Pushing, Why Decline Isn’t Over Yet

    2023-12-13

    Trader Bullish on Cosmos (ATOM), Says One Dogecoin Rival Setting Up for Next Leg Up – Here’s His Outlook

    2023-12-13

    AVAX Price Pumps 50% and Dumps 15%, Why Uptrend Is Still Strong

    2023-12-13

    Top Trader Predicts Parabolic Rally for Solana Competitor – Here’s His Upside Target

    2023-12-13
  • Learn

    What Is Copy Trading in Crypto? A Beginner’s Guide

    2025-07-10

    A Step-by-Step Guide for Risk-Takers

    2025-07-09

    What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

    2025-07-09

    How It Works and What to Watch Out For

    2025-07-09

    Crypto Risk Management Strategies for Trading (2025)

    2025-07-07
  • Videos

    Tokenized Stock EXPLOSION: Solana RWAs & Equities Will TAKE OVER!

    2025-07-10

    How To Mine Bitcoin At Home

    2025-07-10

    Time Is Running Out to Accumulate Bitcoin at These Levels

    2025-07-09

    Korea Goes ALL IN On Crypto: ETFs, Institutions, XRP & More!

    2025-07-09

    Don’t Miss These Bullish Events That Will Help Bitcoin

    2025-07-08
  • Blogs
  • Market Cap
  • Shop
Facebook Twitter Instagram TikTok
Crypto Investor News Network
Home»NFT»Lawmakers Criticize the SEC’s Regulatory Approach to Crypto
NFT

Lawmakers Criticize the SEC’s Regulatory Approach to Crypto

2023-07-20No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

The U.S. Securities and Exchange Commission (SEC) has recently come under intense scrutiny from lawmakers and industry leaders alike for its handling of cryptocurrency regulation, begging the question of whether the agency is exceeding its authority in its attempts to rein in the industry. On Wednesday, Representatives French Hill (R-Ark.) and Dusty Johnson (R-S.D.), two prominent Republican members of the U.S. House of Representatives, voiced their concerns about the SEC’s approach in a letter addressed to the body’s Chair, Gary Gensler.

“While Congress works to close regulatory gaps, the SEC has opted to regulate by enforcement,” the letter read. “In fact, Financial Services Committee Republicans have sent numerous letters to the SEC expressing concern with several proposed rulemaking and staff actions. This approach does not ensure compliance and customer protection, but instead creates further confusion, demonstrated by the recent summary judgment.”

The lawmakers went on to express their belief that the regulator’s actions were “seemingly timed” to overshadow and potentially derail efforts to draft comprehensive crypto legislation. Hill and Johnson argue that the confusion fostered by the SEC’s current approach is evidenced by the recent legal battle between Ripple Labs and the SEC. Ripple’s partial victory in that case has, according to the SEC’s critics, further highlighted the need for clear regulatory guidelines in the crypto sphere.

The fact that the SEC’s lawsuits against leading crypto exchanges, Binance and Coinbase, were initiated shortly after Republican chairs of two House committees unveiled a draft discussion on overhauling U.S. crypto regulations, could be what the lawmakers are alluding to by mentioning the timing in their letter. With two bills introduced since 2021 and 15 hearings held in the last four years, Hill and Johnson believe that a legislative framework would be more effective in preventing future crypto business collapses than sporadic enforcement actions that only seek to punish after-the-fact. 

See also  UK Law Commission proposes classifying crypto as a new type of property

Criticism from both sides of the aisle

The SEC has incurred skepticism from both sides of the political aisle, however, with New York Democrat Ritchie Torres also voicing his criticisms of the SEC in an open letter to Gary Gensler on July 18. In it, he praised Judge Annalisa Torres for her meticulous application of the Howey Test, a legal standard used to identify securities, in the court’s ruling on the SEC’s lawsuit against Ripple Labs. Congressman Torres believes the agency has been inconsistent in its application of the Howey Test overall.

Crypto regulation by enforcement had a dreadful day in court.

In light of the SDNY’s landmark decision in the Ripple case, @SECGov must reassess its reckless regulatory assault on the crypto industry.

My letter to Chair Gensler: pic.twitter.com/Mrk63N4KhH

— Rep. Ritchie Torres (@RepRitchie) July 18, 2023

Torres further commented on the “Torres Doctrine,” a term he coined to describe the precedent set by the judge’s ruling, arguing that the SEC’s legal foundation for its lawsuit against Coinbase has been significantly weakened, especially given the regulator’s classification of other major crypto assets as securities.

During a pre-motion hearing on July 13 in the Coinbase case, District Judge Katherine Polka Failla also expressed skepticism and confusion surrounding the SEC’s 2021 approval of the exchange’s S-1 filing with the SEC, allowing the crypto exchange to go public on the NASDAQ.

Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-4.

approach Criticize Crypto lawmakers regulatory SECs
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

What Is Copy Trading in Crypto? A Beginner’s Guide

2025-07-10

What is Spot Trading in Crypto? A Beginner’s Guide to How It Works

2025-07-09

Korea Goes ALL IN On Crypto: ETFs, Institutions, XRP & More!

2025-07-09

Crypto Is DOOMED – Why Bitcoin Will Be The ONLY Survivor | Phil Champagne

2025-07-08
Add A Comment

Leave A Reply Cancel Reply

Top Posts
NFT

Former Alibaba Exec Foresees NFT Ticketing Benefiting More than Scalpers

2023-08-05

NFT sales have had a rocky start in 2023 but the underlying technology still holds…

DeFi

100,000,000 ADA in Liquidity: Cardano-Based Protocol Shares Update

2024-08-31

PBG.io, a novel decentralized finance protocol in the Cardano (ADA) ecosystem, is going to unlock…

Videos

I am Looking For 100x AI Project📈

2024-04-17

Here is what I found so far ByteAI and unbias news aggregator! ____ Link to…

Subscribe to Updates

Get the latest news and Update from CINN about Crypto, Metaverse and NFT.

Editors Picks

Chinese industry group warns Web3 and DeFi high-return deals hide classic Ponzi engines

2025-07-10

Tokenized Stock EXPLOSION: Solana RWAs & Equities Will TAKE OVER!

2025-07-10

How To Mine Bitcoin At Home

2025-07-10

What Is Copy Trading in Crypto? A Beginner’s Guide

2025-07-10
Crypto Investor News Network
Facebook Twitter Instagram TikTok
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Disclouser
© 2025 - All rights are reserved.

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 117,681.53
ethereum
Ethereum (ETH) $ 2,963.25
xrp
XRP (XRP) $ 2.79
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 694.66
solana
Solana (SOL) $ 163.33
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.201771
tron
TRON (TRX) $ 0.301702
staked-ether
Lido Staked Ether (STETH) $ 2,961.58
bitcoin
Bitcoin (BTC) $ 117,681.53
ethereum
Ethereum (ETH) $ 2,963.25
xrp
XRP (XRP) $ 2.79
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 694.66
solana
Solana (SOL) $ 163.33
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.201771
tron
TRON (TRX) $ 0.301702
staked-ether
Lido Staked Ether (STETH) $ 2,961.58