US Senator Cynthia Lummis has criticized the US Securities and Exchange Commission (SEC) for its decision to sue the largest US-based crypto exchange Coinbase.
In a new interview with Yahoo Finance, the Republican lawmaker from Wyoming says the SEC has mishandled the Coinbase situation.
“We know that Coinbase has gone to the SEC and asked for guidance on how to comply with SEC regulations. And they got no conclusive response and were subsequently slapped with an enforcement action. That does not seem to me to be the right way to do business in America.”
Earlier this month, the SEC sued Coinbase for operating as an unregistered stock exchange, broker and clearing house.
Lummis, a Bitcoin (BTC) supporter, also says Congress will soon discuss an updated version of the bipartisan bill she introduced in 2022 with New York Democrat Senator Kirsten Gillibrand to bring clarity to the regulatory environment. bring digital assets.
“Yes, you will see an updated version of the Lummis-Gillibrand Responsible Financial Innovation Bill. You’ll see it in about two or three weeks. I was hoping you’d see it before the 4th of July, but [Legislative] Counsel has had to put it on the back burner to address some issues that are very much on the forefront. But you will soon see.
It strengthens the consumer protection components of the bill. We try to address the unauthorized use of digital assets so that there is sufficient staff and authority to deal with the unauthorized use. We still retain the Howey test, but we hope to find clear guidelines between what is a commodity and what is a security. We add a self-regulatory organization on top of that as new technologies emerge that can have regulators and industry leaders in the space figure out how to guide them through a regulatory process.
i
Don’t Miss Out – Subscribe to receive email alerts delivered straight to your inbox
Check price action
follow us on TwitterFacebook and Telegram
Surf the Daily Hodl mix
Image generated: Midway through the journey