.WarrenDavidson, a Republican congressman from Ohio, says the SECGov is asleep at the wheel when it comes to crypto regulation. _franvela reports.
Regulators at the U.S. Securities and Exchange Commission aren't doing enough when it comes to crypto regulation, Rep. Warren Davidson told CoinDesk TV’s “First Mover” on Tuesday.
Davidson, vice chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, said that even before the collapse of bankrupt crypto exchange FTX, “no one’s been happy with the job the SEC has done.", a token built on top of the Ethereum blockchain. Even though Kardashian paid a $1.26 million fine for not disclosing that she was paid to promote the token on social media, ethereummax continues to trade, Davidson noted.
To address that issue, Davidson said Congress needs to “craft a policy” that can make its way through the House and the Senate. That may begin with, which are backed by a reserve asset such as the U.S. dollar or gold and to members of Congress are “concrete and tangible,” he said. “They've [the SEC] engaged in regulation by enforcement, and that's frustrated markets quite a lot,” Davidson said.
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