SEC chairman fiercely criticized by members of Congress for cryptocurrency regulation: 'The most lawless SEC chairman in history'
US Securities and Exchange Commission (SEC) Chairman Gary Gensler was heavily criticized by lawmakers from both parties during a congressional hearing yesterday for mishandling cryptocurrency regulation issues.
The lawless SEC chairman
According to The Block, during the House Financial Services Committee hearing on Tuesday, Republican whip Tom Emmer asked Gary Gensler about the case between the SEC and cryptocurrency startup DEBT Box. A federal judge in Utah once criticized the SEC for poor performance in handling the case, stating that their actions were inappropriate. In the end, the institution was ordered to pay sanctions, including legal fees and related expenses. The judge also criticized the misleading statements made by the SEC, which acknowledged that it did not meet the expected standards.
Tom Emmer directly asked Gary Gensler, "Don't you feel embarrassed when we talk about this today
Regarding this, Gary Gensler responded, "The handling of this case is indeed not very good
On the other hand, Tom Emmer also criticized Gary Gensler as the most "destructive" and "lawless" chairman in the 90 year history of the regulatory agency during the hearing. Tom Emmer told Gary Gensler during the House Financial Services Committee hearing:
You created the term cryptocurrency securities. We cannot have a more historically destructive or lawless SEC chairman
Over the years, many members of Congress have criticized the SEC's cryptocurrency regulatory approach, believing that the rules for the industry are not clear enough. But there is also a group of lawmakers who are cautious about cryptocurrencies, such as Maxine Waters from the Democratic Party, who believe that the SEC is fulfilling its responsibility to protect investors and ensure that the US capital market maintains a global leading position.
This hearing coincides with the election season, and cryptocurrency has become a hot topic. According to a report by consumer advocacy group Public Citizen, cryptocurrency companies have already spent $119 million in 2024, with the majority of funds flowing into political action committees, particularly the Fairshake PAC.
Tom Emmer also mentioned Vice President He Jinli's recent remarks on cryptocurrency. He Jinli stated that she will "encourage innovative technologies such as artificial intelligence and digital assets, while protecting consumers and investors," and will create a "transparent and consistent business environment.
Tom Emmer asked Gary Gensler:
Is this also your strategy? Or is she criticizing you because she thinks you haven't been able to establish clear enough rules in her government over the past three years
Gary Gensler stated that there are currently legal norms in place, but Congress can change these laws, cleverly avoiding this issue and shifting responsibility back to Congress.
Comparison between baseball tickets and NFTs
On the other hand, Democratic Congressman Ritchie Torres also raised questions about how the SEC defines securities, using the example of tickets for the New York Yankees. The cryptocurrency supporter asked Gary Gensler if purchasing a Yankees ticket would be considered a security, and pointed out that the ticket allowed him to enter and watch the game.
The background of Ritchie Torres' question is that the SEC has sued multiple NFT issuers, accusing them of issuing unregistered securities, including Stoner Cats 2 LLC.
Ritchie Torres asked:
From a legal perspective, is there any difference under federal securities law between buying a ticket to watch a Yankees game and buying an NFT to watch an animated web series
Gary Gensler responded that it depends on how the product is provided and sold, and cited Howey's test to illustrate whether there is an investment contract. This test is based on the 1946 ruling of the United States Supreme Court and is used to determine whether an asset belongs to securities.
Regarding this, Ritchie Torres retorted, "People's expectations of whether something can appreciate in value or be sold for profit in the secondary market can apply to any collectible, consumer goods, artwork, or musical work
(责任编辑:金店)
-
媒体名人戴夫·波特诺伊 (Dave Portnoy) 透露他投资 XRP 的原因,并询问 XRP 是否会成为下一个比特币
同时,月均活跃用户人数也从前期的954万人降至919万人,日均活跃用户人数也从346万人减少至331万人。...[详细]
-
5.给出价格最低保证 消费者总想货比三家,网上购物中消费者更容易在最后一秒因为价格而跑到别的电商比比。...[详细]
-
整体上,现在做VR的厂商都是在为将来做布局,未来产业的主要特点就是前期持续投入,后期才能坐享其成。...[详细]
-
10月31日兴证资管金麒麟兴睿优选一年持有期混合B净值下跌0.46%,近1个月累计下跌4.72%
从开业之初,该店就备受公众广泛关注,“长沙最大众筹餐厅”、“获央视《创响人生》邀访”、“众筹成功范本”等一系列头衔接踵而至。...[详细]
-
B站也从2013年开始举办了自己的“超会议”——BML(BilibiliMacroLink)。...[详细]
-
然而互联网和科技真的会改变过去学习的方式,随着动作捕捉技术的发展,大量线下技能类的学习从底层发生变革。...[详细]
-
二、网站设计要考虑到病种因素 网站在设计之前,就需要对于网站进行全方面的包装,如果只是简单草草得出来的网站,就会给用户一种很不真实的感觉。...[详细]
-
正是这一波特别有情怀的创业者希望自己的产品,让更多的中国人有机会享受到优质的教育,让三四线城市,甚至是山区的孩子也能够得到优质的教育。...[详细]
-
所以,我从用户、商家、商品、营销玩法几个角度思考,我能做什么。...[详细]
-
漂亮50在这个6年的熊市中,整体下跌了23%,跑输市场15%。...[详细]