Two Republican members of the U.S. House of Representatives have criticized the SEC’s approach to regulating the cryptocurrency industry, saying its actions are designed to cover up and undermine efforts to write sweeping legislation.
Reps. French Hill and Dusty Johnson wrote in a letter sent to SEC Chairman Gary Gensler on Wednesday: “While Congress is committed to closing the regulatory gap, the SEC has chosen to regulate through enforcement. This approach does not bring legal benefits. regulations and client protections, this would instead create further confusion, as evidenced by the recent summary judgment.”
The verdict refers to a partial victory for Ripple in its court battle with the SEC.