Gensler Skips Chance to Give Regulatory Clarity on Cryptocurrencies
Lack of Guidance for Cryptocurrencies Underscores the Need for Congress to Act
Washington, D.C. – U.S. Senate Banking Committee Ranking Member Toomey (R-Pa.) today expressed disappointment in Securities and Enforcement Commission (SEC) Chairman Gary Gensler’s responses to the Senator’s request for public guidance surrounding emerging technologies like cryptocurrencies.
“For
investors to benefit from a fair and competitive marketplace, federal agencies
should answer questions about whether – and if so, how – new and emerging
technologies fit under existing regulations,” said
Senator Toomey. “Chairman Gensler’s failure to provide clear rules of the
road for cryptocurrencies underscores the need for Congress to act.”
During
a Senate Banking Committee hearing with Chairman Gensler in September, Senator
Toomey raised
concerns over the SEC’s regulation-by-enforcement
approach to cryptocurrencies. Shortly thereafter, Ranking Member Toomey
followed up by formally
requesting Chairman Gensler answers detailed
questions on the SEC’s regulation of cryptocurrencies to give clarity to
Congress, industry, and investors.
Chairman Gensler’s responses
did not answer which cryptocurrencies the SEC views as securities and which it
views as commodities. Some questions went completely unaddressed.
“In an effort to obtain that additional
guidance, attached are questions for the record for the recent hearing,” Senator Toomey
wrote in his September letter to Chairman Gensler. “Many of them would give
industry clarity on developing promising technologies within the confines of
existing laws and regulations. Please provide detailed answers so that
innovators have the guidance they need to ensure domestic investment and
innovation in these technologies.”
To
read Senator Toomey’s original letter to Chairman Gensler, click
here.
To
read Chairman Gensler’s responses to Ranking Member Toomey’s questions, click
here.
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