Congressman calls on SEC chairman to focus on cryptocurrency regulation

Congressmen McHenry and Thompson called SEC Chairman Gensler’s comments on cryptocurrencies concerning.

In an open letter to Gensler and Acting CFTC Chairman Rostin Behnam, the lawmakers said that "rather than regulating innovation and job creation out of this country, it is better to promote a proactive dialogue between regulators and market participants."

The 2021 bill requires the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a joint digital asset working group with market participants, organizations involved in academic research, and investor protection groups.

The two said lawmakers and regulators should work together to strike a balance between protecting innovation and any new regulations to "ensure that digital asset markets can thrive in the United States." They called on Gensler and their colleagues to provide details on how the SEC and CFTC plan to work together on these issues.