• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

US Senator puts pressure on SEC chair Gensler, says China’s crypto crackdown is a ‘big opportunity’ for America

September 28, 2021
in Regulations
Reading Time: 3 mins read
A A
0
US Senator puts pressure on SEC chair Gensler, says China’s crypto crackdown is a ‘big opportunity’ for America
0
SHARES
3
VIEWS
ShareShareShareShareShare

Senator Pat Toomey of Pennsylvania said that China’s authoritarian crackdown on crypto should be taken as an advantage by the US. 

To seize the opportunity, the US regulators need to change their “regulation-by-enforcement” ways, according to the Banking Committee Ranking Member, Toomey, who recently pressured the Securities and Exchange Commission (SEC) Chairman Gary Gensler to provide clear public guidance surrounding current crypto regulation, including stablecoins.

A “big opportunity” for the US

“China’s authoritarian crackdown on crypto, including Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China,” Toomey said on Twitter.

China’s authoritarian crackdown on crypto, including #Bitcoin, is a big opportunity for the U.S. It’s also a reminder of our huge structural advantage over China.

— Senator Pat Toomey (@SenToomey) September 24, 2021

“Economic liberty leads to faster growth, and ultimately, a higher standard of living for all,” he argued, while he pointed out that China’s hostility towards economic freedom slams the door shut for “what is arguably the most exciting innovation in finance in decades.” 

Toomey has recently raised the alarm about the lack of transparency and objectivity surrounding the current state of crypto regulation in the country, insisting that the SEC lays out clear guidelines on what cryptocurrencies they view as securities. 

Chairman @GaryGensler and the SEC must lay out clear guidelines on what cryptocurrencies they view as securities. Regulation by enforcement is extremely objectionable and will kill domestic innovation.

Watch my full interview with @SquawkCNBC. pic.twitter.com/DLqIFT3SGh

— Senator Pat Toomey (@SenToomey) September 15, 2021

List of questions

As the latest chapter of Beijing’s war on crypto unfolds, Toomey, who believes that the US should take advantage of the momentum, continues underscoring that “regulation by enforcement is extremely objectionable and will kill domestic innovation.” 

In a recent letter to SEC Chairman Gensler, Senator requested “detailed answers” to a list of questions, submitted to provide both Congress and industry insiders clarity on the current regulation of cryptocurrencies.

“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,” read the letter, which came as a follow up to Gensler’s testimony before the Senate Banking Committee on September 14.

Toomey’s concerns about the SEC’s lack of regulatory clarity are shared by others, including SEC Commissioners Hester Peirce and Elad Roisman.

“Please provide detailed answers so that innovators have the guidance they need to ensure domestic investment and innovation in these technologies,” Toomey asked Gensler, urging him, before anything else, to “identify the specific characteristics that distinguish a cryptocurrency that is a security from one that has been deemed a commodity.”

Amongst others, Toomey also asked Gensler to elaborate on “the threshold for a token to be deemed decentralized” and inquired for a detailed explanation on the analysis applied for stablecoin classification. 

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.


Credit: Source link

ShareTweetSendPinShare
Previous Post

Where to buy Flurry Finance as FLURRY spikes by 51%

Next Post

Crypto is ‘in the early stages’ of a ‘long-term upward trend’: Analyst

Related Posts

Singapore’s changed stance on crypto
Regulations

Singapore’s changed stance on crypto

June 25, 2022
7
Cardano founder steals the show at Congressional hearing on crypto regulation
Regulations

Cardano founder steals the show at Congressional hearing on crypto regulation

June 24, 2022
6
Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations
Regulations

Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

June 24, 2022
5
Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.
Regulations

Conservative MP Matt Hancock advocates for “attractive” tax and regulatory regimes in the U.K.

June 24, 2022
5
Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF
Regulations

Max Keiser suggests corruption could be at play over SEC’s denial of spot Bitcoin ETF

June 24, 2022
6
Next Post
Crypto is ‘in the early stages’ of a ‘long-term upward trend’: Analyst

Crypto is ‘in the early stages’ of a ‘long-term upward trend’: Analyst

Recommended

Frontera Announces Chief Financial Officer (CFO) Transition And Changes To Committee Membership

Frontera Announces Chief Financial Officer (CFO) Transition And Changes To Committee Membership

June 3, 2022
11
Where to buy AAVE – the answer here

Aave jumps 20% in a steady bullish reversal

June 22, 2022
5
Elon Musk dares Alexandria Ocasio-Cortez to poll her Twitter followers on whether they’re more wary of politicians or billionaires

Elon Musk dares Alexandria Ocasio-Cortez to poll her Twitter followers on whether they’re more wary of politicians or billionaires

May 27, 2022
12
How Data Is Helping Reduce the Supply Chain’s Carbon Footprint

How Data Is Helping Reduce the Supply Chain’s Carbon Footprint

May 30, 2022
6
The Positive Influence of Technology on Jobs and Its Future

Trax and Project44 Advise Leaders to Implement End-to-End Visibility for Supply Chain Control Amidst Continued Disruptions

June 8, 2022
6
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • These Are the Two Challenges for XRP Following 30% Recovery in 9 Days (Ripple Price Analysis)
  • U.S. families face ‘exponential increase’ in child care costs: Care.com CEO
  • Top Protocols For DeFi And Cryptocurrency Adoption: Mushe (XMU), PancakeSwap (CAKE), And Aave (AAVE)

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?