Sen. Bill Hagerty calls for scrutiny of securities regulator’s interactions with digital assets sector
According to Sen. Bill Hagerty, a Republican on the Senate Banking Committee, the panel should investigate the relationship between the securities regulator and the digital assets sector. Hagerty believes that Securities and Exchange Commission (SEC) Chair Gary Gensler’s adversarial stance towards crypto is harming the industry. However, he also criticizes U.S. banking regulators for creating a cautious environment among banks regarding crypto connections.
Hagerty refrains from predicting which ongoing crypto legislative efforts are likely to succeed. Instead, he suggests that Congress should approach the issue incrementally, focusing on smaller pieces of legislation rather than a comprehensive approach. His Stablecoin Transparency Act, a two-page document, aims to establish immediate and simple rules for stablecoins.
With Sen. Sherrod Brown (D-Ohio) leading the Senate Banking Committee, the committee holds significant influence over future crypto legislation. However, the senior Democrats on the committee have remained relatively silent about their intentions. While the House Financial Services Committee has made progress with crypto bills, it is uncertain how Brown’s panel will handle them.
Hot Take: The need for regulatory clarity and incremental legislative steps in the crypto industry
As the crypto industry continues to grow and evolve, it is crucial for regulators to establish clear guidelines and regulations. Ambiguity and adversarial relationships between regulators and the digital assets sector can hinder industry development. Sen. Bill Hagerty’s call for scrutiny of the SEC’s interactions is a step towards addressing this issue. By taking an incremental approach to legislation, Congress can effectively address the complexities of the crypto market without overwhelming stakeholders. The Senate Banking Committee’s role in shaping future crypto legislation cannot be underestimated. It is imperative for committee members to carefully consider the potential impact of their decisions on the industry’s growth and innovation.
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