SEC chairman fiercely criticized by members of Congress for cryptocurrency regulation: 'The most lawless SEC chairman in history'
US Securities and Exchange Commission (SEC) Chairman Gary Gensler was heavily criticized by lawmakers from both parties during a congressional hearing yesterday for mishandling cryptocurrency regulation issues.
The lawless SEC chairman
According to The Block, during the House Financial Services Committee hearing on Tuesday, Republican whip Tom Emmer asked Gary Gensler about the case between the SEC and cryptocurrency startup DEBT Box. A federal judge in Utah once criticized the SEC for poor performance in handling the case, stating that their actions were inappropriate. In the end, the institution was ordered to pay sanctions, including legal fees and related expenses. The judge also criticized the misleading statements made by the SEC, which acknowledged that it did not meet the expected standards.
Tom Emmer directly asked Gary Gensler, "Don't you feel embarrassed when we talk about this today
Regarding this, Gary Gensler responded, "The handling of this case is indeed not very good
On the other hand, Tom Emmer also criticized Gary Gensler as the most "destructive" and "lawless" chairman in the 90 year history of the regulatory agency during the hearing. Tom Emmer told Gary Gensler during the House Financial Services Committee hearing:
You created the term cryptocurrency securities. We cannot have a more historically destructive or lawless SEC chairman
Over the years, many members of Congress have criticized the SEC's cryptocurrency regulatory approach, believing that the rules for the industry are not clear enough. But there is also a group of lawmakers who are cautious about cryptocurrencies, such as Maxine Waters from the Democratic Party, who believe that the SEC is fulfilling its responsibility to protect investors and ensure that the US capital market maintains a global leading position.
This hearing coincides with the election season, and cryptocurrency has become a hot topic. According to a report by consumer advocacy group Public Citizen, cryptocurrency companies have already spent $119 million in 2024, with the majority of funds flowing into political action committees, particularly the Fairshake PAC.
Tom Emmer also mentioned Vice President He Jinli's recent remarks on cryptocurrency. He Jinli stated that she will "encourage innovative technologies such as artificial intelligence and digital assets, while protecting consumers and investors," and will create a "transparent and consistent business environment.
Tom Emmer asked Gary Gensler:
Is this also your strategy? Or is she criticizing you because she thinks you haven't been able to establish clear enough rules in her government over the past three years
Gary Gensler stated that there are currently legal norms in place, but Congress can change these laws, cleverly avoiding this issue and shifting responsibility back to Congress.
Comparison between baseball tickets and NFTs
On the other hand, Democratic Congressman Ritchie Torres also raised questions about how the SEC defines securities, using the example of tickets for the New York Yankees. The cryptocurrency supporter asked Gary Gensler if purchasing a Yankees ticket would be considered a security, and pointed out that the ticket allowed him to enter and watch the game.
The background of Ritchie Torres' question is that the SEC has sued multiple NFT issuers, accusing them of issuing unregistered securities, including Stoner Cats 2 LLC.
Ritchie Torres asked:
From a legal perspective, is there any difference under federal securities law between buying a ticket to watch a Yankees game and buying an NFT to watch an animated web series
Gary Gensler responded that it depends on how the product is provided and sold, and cited Howey's test to illustrate whether there is an investment contract. This test is based on the 1946 ruling of the United States Supreme Court and is used to determine whether an asset belongs to securities.
Regarding this, Ritchie Torres retorted, "People's expectations of whether something can appreciate in value or be sold for profit in the secondary market can apply to any collectible, consumer goods, artwork, or musical work
(责任编辑:牌价)
-
现在日本流行什么动画,看一看niconico就好 作为一个二次元文化的聚集地,niconico无疑对日本的二次元产业尤其是动画有着重要影响:凭借niconico这个平台而非传统电视,一些动画获得...[详细]
-
但对李宇来说,这家经营了3年的公司已经被折腾地够多了,融资、转型、关停,他们一直在不停地寻找着公司的盈利点和存活策略,也在为了追求更好的用户体验,逐渐进行退让和妥协...[详细]
-
用娱乐思维进行品牌、产品甚至商业模式的搭建,“好玩”“互动”成为重要衡量标准。...[详细]
-
如果一个页面能够增加链入数和流量,为了在以后的页面中都能吸取到这样的良好经验,你就很有必要清楚这个页面上哪些地方是做得好的。...[详细]
-
BingX Launchpool 上線 Counter Fire(CEC):區塊鏈遊戲新前沿
你们谁解其中味? 马云,中国的首富,对你来说钱只是一个数字,而对我们这些商家来说,钱特么是一切...[详细]
-
这些“复活”的“僵尸股”,最主要特征就是:高成长。...[详细]
-
第三次复活是2017年年初Nokia6的发布,诺基亚在失去lumia之后终于有了新的旗舰。...[详细]
-
24季私享家上的产品从两个维度展开。...[详细]
-
韩泽:内容付费的重点是专业性和权威性,旅游攻略大多是UGC,而且每个人的UGC不一样。...[详细]
-
下棋教会我们最重要的事情就是:你免不了会输。...[详细]