As the crypto regulations rhetoric witnessed last week attest, no longer is financial regulation just about financial disclosures and settlement rules, it is rapidly becoming about individual freedom and U.S. pride, writes NoelleInMadrid.
McHenry also attempted to get Gensler to acknowledge that the rules are not clear. Gensler continued to insist they were plenty clear , but that he couldn’t say anything about any specific asset.by House Majority Whip Tom Emmer who highlighted the SEC’s inconsistency in both its reach and its approach .
to the company, implying concerns about the legality of some unspecified listed digital assets, the staking service, the crypto wallet and other areas of the business.To be fair, the hearing wasn’t all about perceived SEC failures and shortcomings. Some committee members praised Gensler for his bold approach in reforming securities clearing and for “standing up to crypto bro billionaires” .
One is patriotism. Emmer was not the only one to remind Gensler that his actions are encouraging U.S. businesses to change jurisdiction, but he went as far as accusing the SEC chair of “pushing American firms into the hands of the CCP,” referring to the Chinese Communist Party. Some hot buttons are being pushed there, especially when Gensler did not have a memorable rebuttal to any of the allegations.
Either way, digital assets are likely to increasingly form part of the political discourse. This will broaden awareness as observers choose their sides, either sticking to party lines or perhaps switching sides as the ideological divide widens.
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