MP Patrick McHenry has criticized the SEC for abuse of power by calling for more jurisdiction over crypto exchanges

United States Securities and Exchange Commission (SEC) chairman Gary Gensler despatched a letter to Senator Elizabeth Warren requesting jurisdiction over all cryptocurrency exchanges, together with exchanges. The transfer was criticized by North Carolina MP Patrick McHenry.

Patrick McHenry – US consultant

In his letter to Warren, the SEC chairman wrote:

“I feel we’d like extra authorities to cease transactions, merchandise and platforms which are attempting to avoid the regulation. We additionally want more assets to guard traders on this rising and unstable sector. “

Rep. McHenry overtly criticized the SEC for abuse of power following Gary Gensler’s allegations:

“Chairman Gensler’s recent move to ask Congress to grant jurisdiction over non-exchanges is a blatant presumption of power that will harm American innovation.”

“Given the diverse nature of crypto assets, policy makers in the legislative process in this area need to think carefully and weigh up.”

McHenry then referred to Bill HR 1602 – The Barriers to Innovation Act, which the House of Representatives handed on April 20 and is now awaiting passage by the Senate.

This measure created a working group consisting of the Commodity Futures Trading Commission (CFTC), the SEC and market individuals with the purpose of “creating the regulatory clarity required for the crypto-asset ecosystem”. McHenry emphasised:

“We want good insurance policies, applied by means of a clear course of, to make sure steady innovation and job creation in the United States. We do not want one other secret settlement between Gensler and Elizabeth Warren. “

Mr. Teacher

According to News.Bitcoin

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