US Legislators Grill SEC Chair on ‘Overburdensome’ Crypto Reporting Requirements in New Letter


More than half a dozen United States congressmen are defending blockchain developers in the face of new government regulatory pressure.

In a letter to U.S. Securities and Exchange Commission (SEC) head Gary Gensler, Representative Tom Emmer (R-MN) leads a bipartisan group in saying the agency’s burdensome information requests risk stifling domestic technological innovation in the cryptocurrency realm.

Track live crypto price of 10000+ coins!


Says Emmer of the letter’s intent,

“Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements.

The SEC must ensure that its information-seeking requests to private crypto and blockchain firms are not overburdensome, unnecessary, and do not stifle innovation.”

The Minnesota congressman also says in a tweet that during the course of its regulatory inquiries the SEC must honor a 1980 law that protects Americans from overwhelming documentation requirements.

“While the SEC has authority to obtain information from market participants for rulemaking purposes, it must ensure that these inquiries don’t infringe on the standards established in the Paperwork Reduction Act, which limits the burden the government imposes on private businesses and citizens.”

Emmer was joined by Congressional co-signatories Darren Soto (D-FL), Warren Davidson (R-OH), Jake Auchincloss (D-MA), Byron Donalds (R-FL), Josh Gottheimer (D-NJ), Ted Budd (R-NC), and Ritchie Torres (D-NY).

Related:  Cardano's Sidechain Milkomeda Could Become Network's ZkRollup

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp
Check Latest News Headlines

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/badrus soleh/Sensvector




Download MAXBIT Android App, Your best source of all crypto news!

Google Play

Source link

Share this article: