{"id":2732,"date":"2022-03-20T02:50:00","date_gmt":"2022-03-20T02:50:00","guid":{"rendered":"http:\/\/www.cryptoheretostay.com\/?p=2732"},"modified":"2022-03-20T02:50:01","modified_gmt":"2022-03-20T02:50:01","slug":"8-us-lawmakers-urge-sec-to-stop-crippling-crypto-stifling-innovation","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2732","title":{"rendered":"8 US Lawmakers Urge SEC to Stop Crippling Crypto, Stifling Innovation"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Eight U.S. lawmakers have sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC) regarding how the agency collects information from crypto companies. According to the crypto community, the SEC\u2019s \u201crequests\u201d for information \u201care overburdensome, don\u2019t feel particularly voluntary, and are stifling innovation.\u201d<br \/><\/strong><\/p>\n<h2>US Lawmakers Want Answers From SEC<\/h2>\n<p>U.S. Representatives Tom Emmer, Darren Soto, Warren Davidson, Jake Auchincloss, Byron Donalds, Josh Gottheimer, Ted Budd, and Ritchie Torres have jointly sent a bipartisan letter to the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, regarding how the SEC obtains information from cryptocurrency and blockchain companies.<\/p>\n<p>Congressman Emmer explained in a tweet the reason behind the letter:<\/p>\n<p>My office has received numerous tips from crypto and blockchain firms that SEC Chair Gary Gensler\u2019s information reporting \u2018requests\u2019 to the crypto community are overburdensome, don\u2019t feel particularly \u2026voluntary \u2026 and are stifling innovation.<\/p>\n<p>Rep. Warren Davidson tweeted: \u201cWe must promote American innovation rather than stifle it with an incoherent mix of bad regulation, selective enforcement, and ongoing inaction.\u201d He added:<\/p>\n<p>I joined Rep. Tom Emmer and colleagues sending a letter to SEC Chair Gary Gensler regarding the SEC crippling crypto in America.<\/p>\n<p>In their letter to Gensler, the lawmakers pointed out: \u201cIt appears there has been a recent trend towards employing the Enforcement Division\u2019s investigative functions to gather information from unregulated cryptocurrency and blockchain industry participants in a manner inconsistent with the Commission\u2019s standards for initiating investigations.\u201d<\/p>\n<p>The lawmakers stressed:<\/p>\n<p>We have reason to believe that these requests might be at odds with the Paperwork Reduction Act (PRA).<\/p>\n<p>The letter explains that pursuant to this act, \u201cin seeking information from the American public, federal agencies must be good stewards of the public\u2019s time, and not overwhelm them with unnecessary or duplicative requests for information.\u201d<\/p>\n<p>Congressman Emmer emphasized:<\/p>\n<p>Crypto startups must not be weighed down by extra-jurisdictional and burdensome reporting requirements. We will ensure our regulators do not kill American innovation and opportunities.<\/p>\n<p>The letter requests that the SEC answers 13 questions no later than April 29. The full list of questions can be found here.<\/p>\n<p>Tags in this story<\/p>\n<p>Congress, crippling crypto, darren soto, division of enforcement, enforcement actions, Gary Gensler, letter to SEC, SEC, stifle innovation, tom emmer, Warren Davidson<\/p>\n<p><em><strong>Do you think the SEC is stifling innovation in the crypto sector? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/8-us-lawmakers-urge-sec-to-stop-crippling-crypto-stifling-innovation\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eight U.S. lawmakers have sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC) regarding how the agency collects information from crypto companies. According to the crypto community, the SEC\u2019s \u201crequests\u201d for information \u201care overburdensome, don\u2019t feel particularly voluntary, and are stifling innovation.\u201d US Lawmakers Want Answers From SEC U.S. Representatives [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2733,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2732"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2732\/revisions"}],"predecessor-version":[{"id":2734,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2732\/revisions\/2734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2733"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2732"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2732"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}