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Wyoming Senator, Cynthia Lummis, an advocate for digital assets, has criticized the US Securities and Exchange Commission’s (SEC) handling of cryptocurrency regulations. Speaking on CNBC’s Squawk Box, Lummis criticized SEC Chair Gary Gensler for his attitude towards the cryptocurrency market saying it was counterproductive and problematic. Senator Cynthia Lummis Critiques US SEC’s Crypto Regulation During the interview, the Senator stressed that the US crypto industry has many problems, which are only accentuated by the current tactics of the SEC. Lummis took aim at SEC Chairman Gary Gensler for his approach to regulating the sector, which she said involved using enforcement actions instead of clear guidelines. She pointed out that this has resulted in a lot of uncertainty, with many digital asset companies ending up mired in legal disputes instead of being offered clear rules to follow. According to Senator Cynthia Lummis, the SEC has been a significant hindrance to the further development of the cryptocurrency sector despite the need for regulatory certainty. She pointed out that the current legal framework is insufficient and incapable of catching up with the advancement, especially considering the EU which adopted a complete set of crypto laws in 2023. Lummis noted that the United States might lose its position in the global financial services market if such shortcomings in regulation are not filled as soon as possible. “Crypto Assets Should Fall Under CFTC Oversight” Lummis also touched on the category of digital assets and shared her view that Bitcoin and Ethereum are commodities and should fall under CFTC jurisdiction instead of the SEC.  She noted that the SEC strategy, which has tended to categorize digital assets as securities, does not apply to decentralized cryptocurrencies such as Bitcoin and Ethereum. Senator Cynthia Lummis also stressed that Congress should step up and come up with proper legislation…

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Filed under: News - @ September 28, 2024 5:05 am