{"id":417234,"date":"2022-03-17T04:04:29","date_gmt":"2022-03-17T01:04:29","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/congress-members-concerned-sec-stifling-innovation-with-crypto-scrutiny\/"},"modified":"2022-03-17T04:04:29","modified_gmt":"2022-03-17T01:04:29","slug":"congress-members-concerned-sec-stifling-innovation-with-crypto-scrutiny","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/congress-members-concerned-sec-stifling-innovation-with-crypto-scrutiny\/","title":{"rendered":"# Congress members concerned SEC stifling innovation with crypto scrutiny"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34d711e2acb\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34d711e2acb\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/congress-members-concerned-sec-stifling-innovation-with-crypto-scrutiny\/#%E2%80%9D_Congress_members_concerned_SEC_stifling_innovation_with_crypto_scrutiny_%E2%80%9C\" >&#8221; Congress members concerned SEC stifling innovation with crypto scrutiny  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Congress_members_concerned_SEC_stifling_innovation_with_crypto_scrutiny_%E2%80%9C\"><\/span>&#8221; Congress members concerned SEC stifling innovation with crypto scrutiny  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvYzJhMjNlOWUtYTZjNy00ODg1LTlhZDgtMjU0ZjMzMjBhYjEwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>In a bipartisan letter put forward by Republican Minnesota Congressman Tom Emmer, a cohort of Congress members has written to Securities and Exchange Commission (SEC) Chairman Gary Gensler, challenging the regulator&#8217;s scrutiny of cryptocurrency firms and expressing concern that \u201coverburdensome\u201d investigation may be suffocating the crypto industry.\u00a0<\/p>\n<p>They suggest the SEC is drowning companies in paperwork in contravention of the SEC\u2019s stated aims and mandated jurisdiction. <\/p>\n<p>Emmer tweeted to his 51,000 followers: <\/p>\n<blockquote><p>\u201cMy office has received numerous tips from crypto and blockchain firms that SEC Chair<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GaryGensler\"> @GaryGensler<\/a>\u2019s information reporting \u2018requests\u2019 to the crypto community are overburdensome, don\u2019t feel particularly\u2026 voluntary\u2026 and are stifling innovation.\u201d<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is why I sent a bipartisan letter today to SEC Chair <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/GaryGensler?ref_src=twsrc%5Etfw\">@GaryGensler<\/a> with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepDarrenSoto?ref_src=twsrc%5Etfw\">@RepDarrenSoto<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WarrenDavidson?ref_src=twsrc%5Etfw\">@WarrenDavidson<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepAuchincloss?ref_src=twsrc%5Etfw\">@RepAuchincloss<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepDonaldsPress?ref_src=twsrc%5Etfw\">@RepDonaldsPress<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepJoshG?ref_src=twsrc%5Etfw\">@RepJoshG<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepTedBudd?ref_src=twsrc%5Etfw\">@RepTedBudd<\/a>, and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepRitchie?ref_src=twsrc%5Etfw\">@RepRitchie<\/a> regarding the SEC\u2019s crypto information seeking process. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/8HcTgZA0XL\">pic.twitter.com\/8HcTgZA0XL<\/a><\/p>\n<p>\u2014 Tom Emmer (@RepTomEmmer) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RepTomEmmer\/status\/1504117933395619846?ref_src=twsrc%5Etfw\">March 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nIn the letter, which was co-signed by four Democrats and three Republicans, all of whom are members of the bipartisan Congressional Blockchain <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/congressionalblockchaincaucus-schweikert.house.gov\/members\">Caucus<\/a>, Emmer asserts that the Gary Gensler-led SEC is abusing its investigative powers and overburdening crypto firms \u2014 claiming that the regulator has been using the Division of Enforcement and Division of Examination authorities to unfairly bog down crypto and blockchain companies in excessive paperwork.<\/p>\n<p>The legislators believe the regulator has been misusing these divisions and pointed out limitations in the SEC\u2019s mandated jurisdiction,<\/p>\n<blockquote><p>\u201cIt <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears there has been a recent trend towards employing the Enforcement Division\u2019s investigative functions to gather information from unregulated cryptocurrency and blockchain industry participants in a manner inconsistent with the Commission\u2019s standards for initiating investigations.\u201d<\/p><\/blockquote>\n<p>The Congress members believe the SEC could be violating the Paperwork Reduction Act (PRA) of 1980, which regulates the volume of paperwork that any individual or private entity needs to provide to a federal agency.<\/p>\n<p>Managing Partner at emerging technologies legal firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/brookwood.law\/\">Brookwood<\/a>, Collins <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/collins-belton-10226283\/\">Belton<\/a> lauded Emmer\u2019s work on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, saying that the requests in the letter \u201cwill not paint the commission in a good light.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">This is actually an interesting move I wasn\u2019t expecting, clearly some of y\u2019all in DC have gone to work. The requests in the letter are particularly on point and will *not* paint the commission in a good light imo, and that\u2019s solely off of the requests I\u2019m personally aware of. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ElguJ77sEa\">https:\/\/t.co\/ElguJ77sEa<\/a><\/p>\n<p>\u2014 Collins Belton (@collins_belton) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/collins_belton\/status\/1504126506506801152?ref_src=twsrc%5Etfw\">March 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Belton also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/collins_belton\/status\/1504126506506801152\">shared<\/a> that he was \u201creally glad\u201d the issues raised by Emmer and the other Congress members were coming to light, as legal privilege had made it difficult for him to express concerns about the SEC publicly. <\/p>\n<blockquote><p>\u201cI haven\u2019t been able to discuss much in public as much as I would like to due to privilege issues, but with answers to some of these, I think the public will see just how absurdly broad some of these requests have been.\u201d<\/p><\/blockquote>\n<p><em><strong>Related: <\/strong><strong>Motions denied for both SEC and Ripple as battle continues<\/strong><\/em><\/p>\n<p>Emmer has been a staunch defender of blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and cryptocurrency in the past, introducing the Security Clarity Act in Jul. 2021, which aimed to provide a clear legal definition for digital assets. Emmer hopes that the bill will allow blockchain entrepreneurs to distribute their assets without fear of any additional regulatory burdens, after meeting the requirements set out in the bill. The bill is still in its introduction phase and is yet to pass through the House of Representatives. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/congress-members-concerned-sec-stifling-innovation-with-crypto-scrutiny\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Congress members concerned SEC stifling innovation with crypto scrutiny &#8220; In a bipartisan letter put forward by Republican Minnesota Congressman Tom Emmer, a cohort of Congress members has written to Securities and Exchange Commission (SEC) Chairman Gary Gensler, challenging the regulator&#8217;s scrutiny of cryptocurrency firms and expressing concern that \u201coverburdensome\u201d investigation may be suffocating&#8230;<\/p>\n","protected":false},"author":1,"featured_media":417235,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvYzJhMjNlOWUtYTZjNy00ODg1LTlhZDgtMjU0ZjMzMjBhYjEwLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74898,75269,74355,52214,70934,8575],"class_list":["post-417234","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-sec","tag-us-government","tag-adoption","tag-congress","tag-regulation","tag-usa"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/417234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=417234"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/417234\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/417235"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=417234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=417234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=417234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}