.SECGov's hostile activity to regulate the cryptospace has provoked a response from the US Senate Banking Committee. SenateBanking
Senator Scott stated that the regulators have muddied the waters in their attempts to regulate the crypto space. The committee has been hearing various calls, which stated things like the necessity for regulation to suggestions that U.S. regulators have all the necessary tools to supervise the crypto space.
He regretted the absence of the SEC's Gary Gensler at that hearing, stating that they want to hear his testimony before September.The Senator also emphasized that the regulators have permitted activity in the crypto space but did not provide manifold players with"clear rules of the road." This has brought on many recent failures in the space, which the hearing was dedicated to.
According to Scott, if the SEC had provided"anything besides hostility to the crypto industry," it may have been possible to avoid the massive crypto crashes in 2022 — FTX, Celsius, BlockFi, etc. — and save investors billions of U.S. dollars they lost as those crypto giants went bankrupt.Senator Tillis stated that he is concerned about Gensler's actions in trying to regulate the crypto space. He said:"I don't find much comfort in knowing that Mr.
Therefore, Tillis expressed a hope that the U.S. Congress would step in with setting up a regulatory basis for the crypto industry. Both senators are calling for Congress to take action on this.since December 2020 in court, accusing the company of selling its XRP tokens as unregistered securities. It has recently sued the U.S. Kraken exchange for offering staking-as-a-service without warning investors of possible risks. Earlier, it made Coinbase exchange shut down its crypto lending service.
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