Senator Pat Toomey blames Gary Gensler’s SEC for failing to head off the turmoil that’s been taking down crypto firms – months after cautioning the same agency against “paternalistic” investor protection rules. jesseahamilton reports
Sen. Pat Toomey accused the Securities and Exchange Commission of dragging its feet on instituting oversight of crypto firms as some of those companies collapsed, taking investors’ cash with them.
Toomey referenced firms that “often promised enormous, seemingly unsustainable interest rates to depositors, and at least one business allegedly engaged in risky practices,” and he further singled out Celsius’ lending that left billions of dollars of customer funds in. Despite requests from the senator and other lawmakers – and crypto firms themselves – the SEC has declined to offer sufficient clarity about what digital assets meet the definition of securities, Toomey said in the Tuesday letter.
“It’ll probably take some failures in this space in order for the market to figure out what works,” he’d said as algorithmic stablecoin terraUSD floundered.
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