Lack of Regulatory Clarity Pushes Crypto Companies Out of US, Says Senator
Republican Senator Bill Hagerty believes that a lack of regulatory clarity is causing crypto companies to leave the United States. Speaking at a Cato Institute event, Hagerty criticized the regulation-by-enforcement approach of Securities and Exchange Commission (SEC) Chair Gary Gensler. He also expressed concern over Gensler’s alleged offer to advise crypto exchange Binance and criticized central bank digital currencies. Hagerty’s call for regulatory clarity comes as the SEC continues its enforcement actions against the crypto industry. Hagerty, a leading voice on crypto in the US Senate, has previously written a letter to Federal Reserve Chair Jerome Powell raising concerns about regulatory activity against crypto firms.
Hagerty Questions Gensler’s Criticism of Crypto
Hagerty wants Gensler to face more oversight hearings by the Senate Banking Committee and finds his criticism of the crypto industry confusing, considering that Gensler taught a blockchain course at MIT. Hagerty is also skeptical of Saule Omarova’s appointment to the Office of the Comptroller of the Currency, criticizing his advocacy for a digital dollar during a time of bank collapses.
US Legislators Pressure SEC for Regulatory Framework
US legislators, including Republican Patrick McHenry and Rep. Warren Davidson, are increasing pressure on the SEC to establish a comprehensive regulatory framework for the crypto industry. McHenry has introduced crypto-related bills, while Davidson believes that Grayscale’s legal win against the SEC is evidence that Gensler should be fired. Former Senator Pat Toomey also supported the court’s decision to overturn the SEC’s ruling on Grayscale’s ETF.
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