Warren Davidson, a representative from Ohio, said that the SEC is not doing enough to regulate the crypto industry.
The Ohio representative criticized the agency while expressing that he thought the SEC was not taking enough action.
Republican Representative Criticizes SEC for Not Doing the Job
Representative Warren Davidson (R-Ohio) said on a program he attended on Tuesday that regulators at the U.S. Securities and Exchange Commission (SEC) are not doing enough when it comes to crypto regulation.
Davidson made the following statements in the program he attended:
“There are people who are involved in open pump and dump scams and get away with it because the SEC is sleeping at the wheel. Some get free passes and others seem to be killing their business model.”
Davidson, vice chair of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, said that even before the collapse of the bankrupt crypto exchange FTX, no one was satisfied with the work the SEC was doing.
He gave the example of the SEC’s pressure on famous influencer Kim Kardashian and her to introduce ethereummax (EMAX), an indicator built on top of the Ethereum Blockchain. Davidson added that although Kardashian paid a $1.26 million fine for failing to disclose that he was paid for promoting the token on social media, ethereummax continued to trade.
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