“SEC has pursued a capricious and ineffective approach to consumer protection,” Toomey believes.
According to Senator Pat Tomey, famous for his vocal support for the crypto industry, the United States Securities and Exchange Commission could have prevented the loss of $12 billion in assets by investors who trusted Celsius, a crypto lending platform, that froze their deposits in June.
According to Toomey, the SEC didn’t properly explain how the Howey and Reves tests applied to crypto lending platform products that paid interest to customers making crypto deposits. Instead, he emphasized, the SEC is choosing to regulate by selective enforcement.
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