One of the first Democratic senators, John Hickenlooper of Colorado, has openly criticised Gary Gensler, chairman of the U.S. Securities and Exchange Commission, for his cautious attitude to cryptocurrency (SEC).
In a letter to Gensler that was originally reported by Punchbowl News, Hickenlooper said that the existing lack of a coordinated regulatory framework causes “uneven enforcement” and impedes a clear understanding of investor protection.
He said, “At the same time, existing securities regulation does not cleanly apply, as you have often observed.” “Applying the old regulations to the new market could unintentionally result in financial services being more expensive, less accessible, and the American people’s usage of the SEC’s disclosure system being diminished.”
Hickenlooper urged the SEC to act to define which digital assets are securities, how they should be issued and listed as securities, determine what disclosures are required to inform investors, establish a registration regime for trading platforms, and establish guidelines for how trading and custody should be conducted.
Politicians have previously criticised Gensler and the SEC’s attitude to cryptocurrency, but usually from the opposition party. Sen.
For instance, Pat Toomey (R-Pa.) criticised the regulator for failing to take any regulatory action that would have stopped the worst consequences of the failure of multiple crypto firms, including Celsius Network.
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