Several Congress members have sent a letter to the US Securities and Exchange Commission (SEC) chairman Gary Gensler appealing for him not to overburden the crypto industry with regulation.
The lawmakers are responding to calls from crypto firms that claim Gensler’s tough stance on crypto is harming the industry. According to the complaints, Gensler and SEC are creating too much red tape for crypto firms.
The letter was signed by Republican Minnesota Congressman Tom Emmer and many of his colleagues, in which he stated that crypto firms were under increasing pressure from SEC.
Most crypto companies in the US have openly said that they would comply with any rules SEC sets out, but they have taken issue with the fact that they continue to be buried under mountains of contradictory paperwork.
Some complaints argued that SEC has been using the Division of Enforcement and Division of Examination to slow down the progress of such companies (presumably so that SEC has more time to assess their impact on the economy).
Brookwood managing partner Collins Belton thanked Emmer on Twitter for his active stance in helping ease the burden on crypto companies.
The fact that this letter comes from Emmer is not entirely surprising. The representative has been known for his pro-blockchain industry statements and sentiments in the past. He introduced the Security Clarity Act in July last year, hoping to define digital assets in law and avoid confusion between private businesses and law enforcement.
Emmer is not the only person in government who believes that regulators should be doing more to act. US President Joe Biden signed a bill that urged regulators to work together and create a working framework for crypto.