The SEC's Crypto Enforcement Actions Gain Support from US Policymakers

The ongoing enforcement actions taken by the US Securities and Exchange Commission (SEC) against the crypto industry have garnered support from several US senators and policymakers.

SEC Crypto Enforcement Actions

In a recent hearing held on May 7th, Representative Brad Sherman expressed his unwavering support for the SEC's regulatory actions against the crypto industry. He emphasized the need for oversight to maintain orderliness within the financial sector.

Sherman highlighted the indictment of Sam Bankman-Fried (SBF) for investor fraud as a testament to the inherent risks associated with the broader crypto industry. He asserted that the industry's resistance to clear regulations was a deliberate attempt to avoid accountability.

"The crypto industry will tell us that Sam Bankman-Fried is a single snake in a garden of crypto Eden, when in fact, Crypto is a garden of snakes," stated Sherman.

Support from Policymakers

Sherman's stance aligns with Chair Gary Gensler's defense of the SEC's actions against the crypto industry. Gensler maintains that the SEC's enforcement actions are in accordance with the law and are necessary to protect investors.

"Much of this field is non-compliant with the protections of our securities laws," Gensler stated.

Challenges and Implications

Sherman's likening of the crypto industry to a "garden of snakes" reflects the persistent skepticism among some policymakers. His open support for the SEC's actions may further embolden the commission's anti-crypto stance.

Other News

• U.S. lawmakers have proposed removing Gary Gensler as SEC Chair.
• Retail crypto trading platform Robinhood is the latest target of the SEC's enforcement actions.
• In February 2024, five U.S. senators criticized the SEC under Gensler's leadership, calling for a reassessment of its actions.

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