US Senator Pens Plea to SEC Chief for Clearer Regulations

The latest bans from Beijing present the United States with a chance to give the crypto industry an untrammeled path forward.

By
Kyle Heise
on
September 25, 2021
Category:
Blockchain News

Potential to Set Course for 2022

US Senator Pat Toomey (R-PA) wrote a letter on September 24, beseeching clarity regarding policy about the cryptocurrency industry from the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler. 

The SEC has not been forthcoming regarding regulation and policy, and as the fiscal year for the regulator closes on September 30, many hope now will be a time for clarity. Additionally, China’s recent crackdown provides the United States with a window of opportunity before the year ends to set the course for an explosive fiscal year 2022.

“For investors to benefit from a fair and competitive marketplace, regulators must proactively provide rules of the road to industry. Unfortunately, the SEC has instead adopted a strategy of regulation-by-enforcement in this area,” writes Toomey. 

The SEC has not commented on Toomey’s letter, but the Chairman’s latest comments appear to show coalescence toward definitive action. Toomey’s letter acknowledges that Gensler’s fellow SEC Commissioners, Hester Peirce and Elad Roisman, also share in Toomey’s concerns. Pierce and Roisman formally penned concerns in July.

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The World Stage

‘All the world’s a stage,’ wrote the famous Bard Shakespeare. And on the stage of world politics, the window of opportunity in the crypto industry is as volatile as the prices themselves. 

The latest bitcoin crackdown from Beijing gives the United States yet another opportunity to grab the torch and lead the world in the industry. 

Despite the history of poor interpretation from US authorities, Toomey remains confident in the future and possibilities offered by the cryptocurrency industry.

“Beijing is so hostile to economic freedom they cannot even tolerate their people participating in what is arguably the most exciting innovation in finance in decades. Economic liberty leads to faster growth, and ultimately, a higher standard of living for all,” Toomey tweeted on September 24.
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Kyle Heise

Born and raised in the East Bay of California. He has studied and worked on three continents and lived in eight countries. Kyle resides in San Francisco. He holds bags mostly in Ethererum, Cake, and BSC GameFi projects.

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