Senator Hickenlooper criticized SEC Chairman Gary Gensler’s approach to the crypto industry.
In the letter he wrote, Hickenlooper said that the lack of a coordinated regulatory framework brings with it unbalanced practices.
Senator Hickenlooper Criticizes Crypto Approach
US Senator John Hickenlooper was one of the first Democrat senators to criticize SEC Chairman Gary Gensler’s approach to cryptocurrencies.
Senator Hickenlooper was critical of Gensler’s approach to the crypto industry, arguing that the lack of a regulatory framework led to unstable practices and hindered a clear understanding of investor protection.
“At the same time, as you have repeatedly stated, the current securities regulation is not implemented cleanly.
Applying old rules to a new market could make financial services more expensive, less accessible, and less useful to the SEC for the American people.”
The Senator urged the SEC to establish rules on which digital assets are securities, how those assets should be listed, and what disclosures should be made to inform investors.
Gary Gensler’s approach to the crypto industry has received backlash from politicians before. Recently, Senator Pat Toomey also criticized Gensler for the lack of a regulatory framework that would not prevent the collapse of crypto companies like Celsius Network for investors.
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