Bitcoin News and Finance
House Financial Services Republicans Blast SECs Proposed Rule State Gensler Is Pushing His Own Personal Views Regarding Digital Assets Skip to main content

House Financial Services Republicans Blast SECs Proposed Rule State Gensler Is Pushing His Own Personal Views Regarding Digital Assets

House Financial Services Republicans Blast SEC Proposed Rule, State Gensler Is Using It to 'Push His Own Personal Views Regarding Digital Assets.'

Republicans of the House Financial Services Committee have criticized U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler, stating he is using Rule 3b-16 amendments to impose his views on cryptocurrency assets. In a letter sent to the SEC, republicans push back against the new proposed definition of “exchange” and its implications.

Financial Services Committee Republicans Push Back Against SEC’s Proposed Ruleset

Republicans of the House Financial Services Committee are pushing back against the proposed amendments to Rule 3b-16 presented by the U.S. Securities and Exchange Commission (SEC) that expands the definition of “exchange.”

The group, comprising Chair Patrick McHenry and 28 other representatives, sent a letter on June 13 criticizing the implications of the approval of the rule, and its effects on the cryptocurrency market and its operators.

According to these representatives, passing this rule would imply that software protocols and even developers of decentralized financial products would have to register as exchanges with the SEC. This would be detrimental to adoption of the tech in the U.S.

Republican representatives stated:

The proposed rule will stifle innovation and harm digital asset market participants and the U.S. economy more broadly. We urge you to withdraw this proposal as it would effectively shut down development of the digital asset ecosystem and continue to stagnate U.S. technological innovation.

Furthermore, the group of Republicans disagreed with an assertion made in the proposed rule, which states that “it is unlikely that systems trading a large number of
different crypto assets are not trading any crypto assets that are securities.” The letter explains the SEC should not generalize or make “sweeping judgments” in its rulemaking.

SEC Chairman Gary Gensler Said to Be Pushing His Personal Views

The letter goes even further, accusing SEC Chair Gary Gensler of taking advantage of his position to propose rules that fit his perception of cryptocurrency. The letter states:

It is clear that Chair Gensler is using this proposal to push his own personal views regarding digital assets. It appears this proposed rule is an attempt to assert this personal view as official SEC policy without adequate analysis or justification.

Finally, the group accused the SEC of trying to front-run Congress, which is already working on different bills regarding cryptocurrency, with some of them being introduced by representatives part of the committee like Tom Emmer.

Rep. Warren Davidson, who also signed the letter, recently introduced a bill to oust Gary Gensler from his position as chairman of the SEC, titled the “SEC Stabilization Act.“

What do you think about the House Financial Services Committee Republicans’ stance on the SEC’s proposed rule? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory