US Lawmaker Urges SEC to ‘Take Decisive Action’ to Regulate Crypto Industry — Plans to Examine Options for Federal Legislation

U.S. Congressman Brad Sherman has called connected the Securities and Exchange Commission (SEC) to “take decisive enactment to enactment an extremity to the regulatory grey country successful which the crypto manufacture has operated.” He added that helium plans to enactment with his colleagues successful Congress successful the coming weeks “to analyse options for national legislation.”

Rep. Brad Sherman connected Cryptocurrency Regulation

Congressman Brad Sherman (D-CA), president of the subcommittee connected Investor Protection and Capital Markets, released a connection regarding the implosion of cryptocurrency speech FTX connected Sunday.

FTX’s “sudden collapse” has been “a melodramatic objection of some the inherent risks of integer assets and the captious weaknesses successful the manufacture that has grown up astir them,” the lawmaker described.

Noting that “We bash not yet cognize the scope of fiscal harm caused to consumers and investors successful the U.S. and astir the world,” Sherman stressed:

It is important that we make a wide knowing of the concatenation of events and absorption failures that led to this collapse. I afloat enactment the efforts of U.S. regulators and instrumentality enforcement to analyse this concern and marque definite those liable are held accountable.

The congressman explained that for years, helium has “advocated for Congress and national regulators to instrumentality an assertive attack successful confronting the galore threats to our nine posed by cryptocurrencies.”

He noted that erstwhile Gurbir Grewal, manager of the Securities and Exchange Commission (SEC) Division of Enforcement, testified earlier his subcommittee successful July, helium called connected him to “pursue enforcement actions against the largest cryptocurrency exchanges for failing to registry with the SEC aft listing tokens connected their platforms that the Commission had publically identified arsenic unregistered securities.” The lawmaker named XRP successful particular.

Sherman opined:

I judge it is important present much than ever that the SEC instrumentality decisive enactment to enactment an extremity to the regulatory grey country successful which the crypto manufacture has operated … In the coming weeks, I besides program to enactment with my colleagues successful Congress to analyse options for national legislation.

The Congressman from California is not the lone person pushing for strict cryptocurrency regularisation pursuing the implosion of FTX. The White House and respective U.S. senators person called for proper crypto oversight. Senator Elizabeth Warren (D-MA) said crypto needs “more assertive enforcement.”

What bash you deliberation astir the comments by Congressman Brad Sherman astir crypto regulation? Let america cognize successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This nonfiction is for informational purposes only. It is not a nonstop connection oregon solicitation of an connection to bargain oregon sell, oregon a proposal oregon endorsement of immoderate products, services, oregon companies. Bitcoin.com does not supply investment, tax, legal, oregon accounting advice. Neither the institution nor the writer is responsible, straight oregon indirectly, for immoderate harm oregon nonaccomplishment caused oregon alleged to beryllium caused by oregon successful transportation with the usage of oregon reliance connected immoderate content, goods oregon services mentioned successful this article.