US Senator Points to Unfavorable Conditions as Reason for Crypto Companies Leaving the United States

US Senator Points to Unfavorable Conditions as Reason for Crypto Companies Leaving the United States


Lack of Regulatory Clarity Pushes Cryptocurrency Corporations Out of United States, Says Senator

Republican Senator Bill Hagerty believes that a lack of regulatory clarity is causing cryptocurrency corporations 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 likewise expressed concern over Gensler’s alleged offer to advise cryptocurrency exchange Binance and criticized monetary authority digital currencies. Hagerty’s call for regulatory clarity comes as the SEC continues  its enforcement actions against the cryptocurrency industry. Hagerty, a leading voice on cryptocurrency in the United States Senate, has previously written a letter to Federal Reserve Chair Jerome Powell raising concerns about regulatory activity against cryptocurrency firms.

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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 cryptocurrency industry confusing, considering that Gensler taught a blockchain course at MIT. Hagerty is likewise 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.

United States Legislators Pressure SEC for Regulatory Framework

United States legislators, including Republican Patrick McHenry and Rep. Warren Davidson, are increasing pressure on the SEC to establish a comprehensive regulatory framework for the cryptocurrency 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 likewise supported the court’s decision to overturn the SEC’s ruling on Grayscale’s ETF.

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Hot Take: Lack of regulatory clarity in the United States is driving cryptocurrency corporations away, and United States legislators are pressuring the SEC to establish a comprehensive regulatory framework. The criticism of SEC Chair Gary Gensler and his regulation-by-enforcement approach is growing, with calls for more oversight hearings and even his firing. This ongoing regulatory uncertainty is detrimental to the expansion and development of the cryptocurrency industry in the United States, as corporations seek more favorable regulatory environments abroad. It is critical for the United States to provide clear and balanced regulations that foster innovation and secure investor protection to sustain its position as a leader in the cryptocurrency space.

Author – Contributor at | Website

Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.

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