The post Pro-Bitcoin Senator Lummis Promises to Leash SEC as She Stands With Kraken appeared on BitcoinEthereumNews.com.

Pro-crypto U.S. senator Cynthia Lummis has published a post on X platform to critique the U.S. Securities and Exchange Commission spearheaded by Gary Gensler for the approach they have taken to establish “crypto regulation” for companies operating in the cryptocurrency space. She published a statement on the recent lawsuit started by the SEC against the U.S.-based Kraken exchange. The SEC has accused the platform of trading unregistered securities – the list includes Cardano’s native coin ADA, Solana’s coin SOL, Polygon’s MATIC and many others. However, the SEC, this time, did not include XRP, after a July ruling by federal judge Torres, which was partly in favor of Ripple in its continuous legal battle against the SEC. Senator Lummis stands with Kraken, slams SEC In her statement on X, Lummis wrote that “the SEC cannot continue ruling by enforcement.” She specified that multiple times, multiple crypto companies have requested that the regulator come up with definitive rules that would regulate the space of digital currencies and allow them to function without getting picked on by the SEC or any other regulatory bodies and to avoid getting hit by law enforcement actions, as in the cases of Ripple and Kraken. These enforcement actions cause “unnecessary harm to consumers,” the senator emphasized. Further, she wrote that it is high time that the Congress passed a regulatory framework that would finally provide clear rules as to which asset can be considered a security (and then regulated as a security) and which is a commodity (and would follow a different type of legislation). “$30 million buys you 10 months before SEC comes round again”: Kraken CEO Cofounder and CEO of the embattled Kraken crypto exchange Jesse Powell took to X app to comment on the lawsuit filed by the SEC against his platform. He called…

---

Filed under: News - @ November 22, 2023 8:10 pm