National Security In Question: SEC’s Crypto Approach Sparks Concern in Congress

By Elena R. (CoinPedia). October 25, 2023.

In a recent interview, Ron Hammond of the Blockchain Association shed light on the bustling crypto-related developments in Washington, D.C. Hammond highlighted two significant hearings this week, one involving the Securities and Exchange Commission (SEC) and the other addressing digital assets more broadly.

Speaking to Thinking Crypto, Hammond emphasized a central concern shared by several members of Congress – the SEC’s approach to cryptocurrency and private equity. Recent rules implemented by the SEC have stirred industry-wide concerns, leading to an increased focus on these issues within the Financial Services Committee. Patrick McHenry, the committee’s leader, has been a vocal opponent of the SEC’s stance.

The National Security Subcommittee is set to host another critical hearing, with the primary focus being on the funding mechanisms employed by Hamas for their activities. The objective is to investigate the sources of these funds and whether cryptocurrencies play a role in supporting their actions. Given the pressing nature of national security, this issue has raised concern among policymakers from both sides of the aisle.

Read the full article, with Ron Hammond’s interview included, here: CoinPedia

Ripple gets support from Blockchain Association in XRP lawsuit against SEC

By Timmy Shen. November 17, 2022. (Forkast)

Fast facts

The Blockchain Association filed its amicus brief on Tuesday, saying: “The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry (and even outside the industry).”

The Crypto Council for Innovation (CCI), an alliance of industry leaders, also filed an amicus brief on Tuesday in support of Ripple.

“To date, the SEC has largely chosen enforcement over rulemaking as the way to regulate this evolving ecosystem,” CCI wrote in its filing.

Cryptocurrency-related organizations and firms – Veri DAO, Cryptillian Payment System, Reaper Financial and Paradigm Operations – this week also submitted their briefs that challenged the SEC.

In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.

An amicus brief is typically submitted by an individual or organization that is not a party to a case but intended to influence the court’s decision.

Read the full article here.

Crypto lobby groups say they’re fighting ‘unworkable’ crypto reporting language in infrastructure bill

By Michael McSweeney. July 29, 2021. (The Block Crypto).

Crypto-related language said to be contained in a still-in-flux bipartisan infrastructure spending bill has spurred activity lobby groups in Washington, D.C. 

On Thursday, the Blockchain Association derided the proposed spending package as one that “threatens crypto innovation.” As previously reported, one of the bills “pay-fors” is tightened tax reporting requirements for crypto companies, which are estimated to raise some $28 billion to be used to fund infrastructure projects over a period of years.

But the controversy centers around which types of crypto companies would be considered “brokers” under the proposed changes, based on drafted language obtained this week by CoinDesk’s Nik De. The prevailing concern is that miners, decentralized finance startups and others not involved in the actual brokerage of digital assets will be hit with overly heightened compliance burdens. According to a fact sheet reviewed by The Block, the language “[updates] the definition of broker to reflect the realities of how digital assets are acquired and traded.”

Read the Full Article Here.

Since Chairman Patrick McHenry threatened to SUBPOENA Gary Gensler for NON-COMPLIANCE with Congressional oversight.