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Cynthia Lummis US Senator Blasts Sec Move Against Coinbase

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Cynthia Lummis blasts SEC for their latest move against Coinbase.

She explains that this particular legal action may force the crypto industry to take its innovations offshore.

Lummis further explained that the Securities and Exchange Commission failed to simplify a way for crypto firms like; Coinbase to regulate their operations.

The Wyoming Senator Condemns Lack of Diligence on Cryptocurrency Regulation

Senators and politicians have started expressing their opinions regarding the present move which the United States SEC has taken against crypto firms in their country.

READ ALSO: GameStop Shakes Up Leadership: Matt Furlong Terminated Amid Crypto Retreat

Recently, Senator Cynthia Lummis disclosed her disagreement with SEC’s stance against Coinbase.

The crypto company was accused of providing unregistered securities and offering illegal brokerage services to its users.

Lummis used a statement to blast this particular legal action by the SEC. She stated that SEC has failed to service the crypto sector in various ways.

For instance, the institution failed to show a path for the digital assets exchanges to register.

Moreover, the institution even failed to offer proper legal guidance on what is the difference between a security and a commodity.

Last April, SEC Chairman Gary Gensler refused to issue an answer to the question of whether Ethereum is qualified to become a security or a commodity during a House Financial Services hearing.

SEC’s Enforcement Drives Crypto Industry Away

Furthermore, Lummis cited unwanted consequences which the lack of clarity on the SEC actions may bring to the cryptocurrency industry within the US in the future.

She further explains that the SEC’s dependence on regulation through enforcement is harming the customers.

She elaborated more that “actual consumer protection needs providing a healthy legal structure which exchanges can work with. SEC is not supposed to drive the crypto sector offshore or beyond the shadows”.

Backstory

On the 7th of June last year, Senator Gillibrand and Senator Lummis published the Responsible Financial Innovation Act.

This particular act aims to provide a framework that can “encourage responsible financial flexibility, innovation, and healthy consumer protection while at the same time integrating digital assets into existing laws”.

According to the press release which promoted the bill, Lummis stated that passing the Responsible Financial Innovation Act bill can prevent the present regulatory clarity issues which may take the cryptocurrency sector to other countries.

 

 

 

 

 

 

 

 

 

 

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