Senator Lummis Blasts
SEC, Predicts Crypto
Shake-Up
in 2024
Wyoming Senator Cynthia Lummis criticized the US Securities and Exchange
Commission (SEC) and its chair, Gary Gensler, urging for improved crypto
regulation in the country.
Many within the crypto community have also expressed frustration, accusing
Congress of unfairly placing the blame solely on the SEC.
Senator Lummis Predicts Gary Gensler’s Exit as SEC Chair
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Speaking on CNBC s Squawk Box, Lummis suggested that Gensler may step
down as SEC chair next year, though she acknowledged that he loves the
job and might not want to leave. She noted, however, that this scenario
could change if Vice President Kamala Harris• Объект человек » Персоналии по алфавиту » Персоналии на Ха » Харрис, Камала wins the November elections.
Lummis voiced her disapproval of Gensler, primarily due to his failure to
recognize Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) and Ethereum (ETH• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum) as commodities. She also implied
that other cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта may qualify as commodities and called for clearer
regulatory guidelines.
“We need to have a clear definition. The Howey Test is available to us, and as
it has been updated, there are maybe other assets just besides Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum that would qualify for the jurisdiction of the Commodity Futures
Trading Commission,” the Senator added.
Read more: Who Is Gary Gensler? Everything To Know About the SEC Chairman
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Lummis indicated the need for clearer crypto regulation in the US, saying it
would give clarity to companies. She highlighted the EU “very effective”
approach to crypto regulation, urging the US not to let other countries get
ahead.
The Senator expressed concern that the SEC claims to have all the necessary
tools for regulation, but criticized how they are being applied. Specifically,
she pointed to the agency’s strategy of regulation by
enforcement, which has resulted in numerous court cases. Additionally,
she argued that the SEC’s use of penalties to regulate the industry was
misguided.
“You can commit fraud with yachts, with art, with coins, with minerals. It is
not the asset itself that is fraudulent,” she said.
On the other hand, Lummis agreed that Congress needs to regulate crypto in the
country and not leave the full mandate to the SEC. One investigative
journalist echoed this sentiment, criticizing Congress for neglecting its own
duties and unfairly placing the blame on the SEC for the regulatory confusion
in the crypto space.
“Congress, including Lummis, should be writing the rules in the first place!
Instead, Gensler’s left playing referee, making the whole situation look like
a game of dodgeball with no rulebook. Lummis is working with Senator
Gillibrand on a proposal — because maybe someone finally realized that
Congress should stop pointing fingers and start writing laws,” JungleIncXRP
wrote .
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
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This debate comes just days after the SEC commissioners appeared for a two-day
session before House committees. Both Congress and the Senate Banking
Committees reviewed the agency s handling of crypto regulations .
Lummis isn t alone in opposing the SEC s approach. As BeInCrypto
reported, 42 Congressmen are also calling on the securities regulator to allow
banks to custody crypto .
As the US elections near, SEC Chair Gary Gensler s future is uncertain.
Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд has pledged to remove him if elected, while Kamala Harris• Объект человек » Персоналии по алфавиту » Персоналии на Ха » Харрис, Камала
narrowly leads the race , according to Polymarket. Donald Trump• Объект человек » Персоналии по алфавиту » Персоналии на Тр » Трамп, Дональд versus Kamala
Harris• Объект человек » Персоналии по алфавиту » Персоналии на Ха » Харрис, Камала, Source: Polymarket
Despite the growing calls for Gensler s exit from the crypto community,
Harris• Объект человек » Персоналии по алфавиту » Персоналии на Ха » Харрис, Камала could potentially appoint him as Treasury Secretary if she wins the
presidency.
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Президент США в 2017-2021 годах Харрис, Камала
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