Key lawmaker PatrickMcHenry is demanding the SECGov say which crypto exchanges have responded to its “come in and register” requests. If it keeps stonewalling, he threatened to hold a hearing on the agency’s “failure to comply.” jesseahamilton reports
– in which Republican lawmakers criticized the agency for trying to hold the crypto industry to existing securities regulations.
“While you have stated that digital asset intermediaries such as exchanges should ‘come in and register,’ you have refused to establish rules with which digital asset trading platforms and other intermediaries can comply,” the lawmakers wrote in the April letter, which asked for a list of companies that have met with SEC officials to discuss registration.
McHenry’s committee will likely be instrumental in any legislation that may emerge this year on the U.S. oversight of digital assets, and athe committee published this week suggests that the SEC has been doing an inadequate job and needs to await direction from Congress. A spokesperson for the SEC didn’t immediately respond to a request for comment on the congressional requests.
The May 9 follow-up letter from McHenry and Huizenga noted that SEC staff complained of"how overly burdensome the committee's requests have been." The lawmakers narrowed this request and others, offering a new deadline of May 19. If it isn't met, the committee will seek to schedule testimony from SEC officials to discuss"the SEC's failure to comply with congressional requests.
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