US Lawmaker Urges SEC to ‘Take Decisive Action’ to Regulate Crypto Industry — Plans to Examine Options for Federal Legislation – Regulation Bitcoin News

Bitcoin.com

U.S. Congressman Brad Sherman has called on the Securities and Exchange Commission (SEC) to “take decisive action to put an end to the regulatory gray area in which the crypto industry has operated.” He added that he plans to work with his colleagues in Congress in the coming weeks “to examine options for federal legislation.”

Rep. Brad Sherman on Cryptocurrency Regulation

Congressman Brad Sherman (D-CA), chairman of the subcommittee on Investor Protection and Capital Markets, released a statement regarding the implosion of cryptocurrency exchange FTX on Sunday.

How To Get Free Crypto  

FTX’s “sudden collapse” has been “a dramatic demonstration of both the inherent risks of digital assets and the critical weaknesses in the industry that has grown up around them,” the lawmaker described.

Noting that “We do not yet know the scope of financial harm caused to consumers and investors in the U.S. and around the world,” Sherman stressed:

It is crucial that we develop a clear understanding of the chain of events and management failures that led to this collapse. I fully support the efforts of U.S. regulators and law enforcement to investigate this situation and make sure those responsible are held accountable.

The congressman explained that for years, he has “advocated for Congress and federal regulators to take an aggressive approach in confronting the many threats to our society posed by cryptocurrencies.”

He noted that when Gurbir Grewal, director of the Securities and Exchange Commission (SEC) Division of Enforcement, testified before his subcommittee in July, he called on him to “pursue enforcement actions against the largest cryptocurrency exchanges for failing to register with the SEC after listing tokens on their platforms that the Commission had publicly identified as unregistered securities.” The lawmaker named XRP in particular.

Coinbase Banner  

Sherman opined:

I believe it is important now more than ever that the SEC take decisive action to put an end to the regulatory gray area in which the crypto industry has operated … In the coming weeks, I also plan to work with my colleagues in Congress to examine options for federal legislation.

The Congressman from California is not the only politician pushing for strict cryptocurrency regulation following the implosion of FTX. The White House and several U.S. senators have called for proper crypto oversight. Senator Elizabeth Warren (D-MA) said crypto needs “more aggressive enforcement.”

Tags in this story
Brad Sherman, Brad Sherman crypto, Brad Sherman cryptocurrency, Congress, Congressman, cryptocurrency exchanges, Democrats, enforcement actions, ftx, political donations, Sam Bankman-Fried, SEC, SEC cryptocurrency regulation

What do you think about the comments by Congressman Brad Sherman about crypto regulation? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

FreeBitcoin Banner  

Read disclaimer

Go to Source
Author: Kevin Helms


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.