Eight members of the Congressional Blockchain Group sent a letter to Gensler, Chairman of the US Securities and Exchange Commission (SEC), about their treatment of crypto companies. The members said in the letter that the way the SEC requests information from crypto companies goes beyond the institution’s usual standards. The March 16 letter, spearheaded by Congressman Tom Emmer, stated:
“(The SEC’s) Enforcement Agency’s investigative functions, from non-regulated cryptocurrency and blockchain industry participants, to the institution’s There appears to be a tendency to use it to gather information inconsistent with the standards for initiating investigations.”
Emmer also said he has received many letters from crypto and blockchain companies that the way the institution requests information is overloading and stifling innovation.
As is known, Gensler has taken a firm stance towards crypto companies since taking office. Gensler recently said that he believes most tokens qualify as securities, so they fall within the scope of the SEC.
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