SEC crosses the line in regulation

Congressman Patrick McHenry thinks the SEC is crossing all boundaries by trying to form a total control over cryptocurrency and cryptocurrency exchanges.

He believes that this is a classic example of a power grab, only in the financial field, and it won't bring anything but huge damage to the American economy. He made such a statement after SEC Chairman Gary Gensler forwarded a letter to Senator Elizabeth Warren in which he wrote that he believed that new regulations and more authorities needed to be created to prevent transactions from falling, to provide full protection to investors in this highly volatile sector of the economy.
Such a statement greatly angered the senator, and he accused Gensler of trying to seize power over cryptocurrency exchanges by demanding control over all transactions of digital assets.

SEC crosses the line in regulation

According to Patrick McHenry, such attempts by the head of the SEC are an indication that he wants full control over platforms that are not related to securities. This will only bring tremendous losses to the country's economy.

According to the senator, any politician, when expressing opinions about digital assets, should choose their expressions carefully, and not pass laws that were able to harm the cryptocurrency economy.
McHenry also mentioned a bill he introduced, HR 1602, which would remove all barriers to innovation. With this bill, the digital asset ecosystem can be finally clarified.

There needs to be a balanced policy, to build initiatives that would help grow the economy and create new jobs. The behind-the-scenes deals that the head of the SEC is so fond of doing need to become a thing of the past.
Whether the senator will succeed in thwarting, as he claims, the SEC chief's desire to gain full control of cryptocurrency exchanges will become clear soon.
The fight for control over cryptocurrency exchanges and everything to do with digital assets is escalating. Old financial circles, accustomed to controlling everything, are trying to drive the cryptosphere into the usual tax restrictions. The cryptocurrency community will either have to put up with it or fight back.
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