Congress needs to step up on crypto, or Biden might crush it

By Former Rep. George Nethercutt (R-Wash.). October 16, 2021. (The Hill).

Recent developments both domestically and abroad have finally catalyzed the Biden administration to take the long-delayed step of engaging on the many regulatory issues surrounding cryptocurrencies and blockchain technology.

One of the most promising economic innovations since the internet, the market cap of cryptocurrencies is now over $2 trillion and there is a growing consensus that the technology is here to stay. What the industry needs — and the American economy would benefit from most — is a partner to help develop a comprehensive regulatory framework that would cement our country’s role as the leader in this emerging field.

Unfortunately, the Treasury Department has decided to eschew such collaboration and go in a different direction. They are instead leading a closed-door effort with the Biden-appointed heads of financial regulatory agencies to draft recommendations on how the administration should crack down on digital assets.

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SEC head Gary Gensler under fire over crypto regulation

By Kiran Stacey and Stefania Palma. October 7, 2021. (Financial Times).

A senior Republican has hit out at Gary Gensler, the chair of the Securities and Exchange Commission, over his attempts to regulate cryptocurrencies, as its defenders increase their opposition to several regulatory proposals. Tom Emmer, a representative from Minnesota and co-chair of a group of lawmakers interested in blockchain, said he believed Gensler was overstepping his authority with his attempts to expand the SEC’s role in regulating cryptocurrencies.

Tom Emmer, a representative from Minnesota and co-chair of a group of lawmakers interested in blockchain, said he believed Gensler was overstepping his authority with his attempts to expand the SEC’s role in regulating cryptocurrencies.

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

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