Community Trust ScoreLikely Real
It has been long brewing that the kind of information that the SEC requests from the crypto sector are over burden some. Therefore, Eight US lawmakers have sent a letter to the chairman of the US Securities and Exchange Commission (SEC) about how the SEC collects information from the crypto companies.
Reportedly, U.S. Representatives Tom Emmer, Darren Soto, Warren Davidson, Jake Auchincloss, Byron Donalds, Josh Gottheimer, Ted Budd, and Ritchie Torres have sent a Bipartisan letter to the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to know more about how the SEC collects information from cryptocurrency and blockchain companies.
Tom Emmer expressed: “My office has received numerous tips from crypto and blockchain firms that SEC Chair Gary Gensler’s information reporting “requests” to the crypto community are over burdensome, don’t feel particularly… voluntary… and are stifling innovation. This is why I sent a bipartisan letter today to SEC Chair…
While the SEC has authority to obtain info from market participants for rule making purposes, it must ensure that these inquiries don’t infringe on the standards established in the Paperwork Reduction Act, which limits the burden the govt. imposes on private businesses & citizens.
Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. We will ensure our regulators do not kill American innovation and opportunities.
Community Reaction: This is all intentional by the SEC and it’s by design. The plan has always been to get Bitcoin and Ethereum out from under securities laws and then slam the door on everything else. Death by a thousand paper cuts.
And all outgoing SEC commissioners taking this proprietary info w/them to direct crypto competitors. No time out periods. Proprietary Espionage.
Regulatory bodies are fear motivated and current regulations like AML/KYC don’t even work in traditional finance as banks have laundered billions w/ only justice dept fines. The powers that be are trying to stop crypto from being a global reserve currency by any means necessary.
Hopefully these people realize the sole purpose of information reporting is to launch an investigation. The more transparent you are, the more information you provide the more likely the SEC will investigate you because it’s easier than investigating someone with no information.
“Information requests” are absolutely an attack vector, especially when presented in a compulsory or threatening manner.
Confidence has been lost in the Sec by those who follow their dealings. Demand accountability.
Requests can stifle innovation? Any examples of this phenomenon?
Make fair and sensible rules for crypto, we will keep electing you into office. Simple as that.
