Gensler defends SEC’s crypto crackdown in House hearing 

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House Republicans criticized Securities and Exchange Commission Chairman Gary Gensler on Tuesday over his agency’s strict approach to regulating cryptocurrency trading platforms.

During a four-hour testimony before the House Financial Services Committee, Gensler maintained his position that crypto trading platforms and exchanges must adhere to US securities laws, CNBC reported.

Republicans argued that the SEC’s disclosure rules were not designed for decentralized digital currency exchanges and warned that without new legislation specifically for crypto regulation, digital platforms would move overseas to avoid regulatory compliance.

They added that this could weaken the US’s position as a hub for cryptocurrency innovation and open the door for US adversaries to take over.

Written by staff