Sign Up on MEXC
Crypto Market News: Bryan Steil, a the US representative from Wisconsin, opened his remarks saying the current “regulation by enforcement” was not working, during the historic joint Subcommittee hearing on digital assets. Earlier, Patrick McHenry, Chairman of the House Financial Services Committee, delivered his opening remarks saying “The goal here is to make law.” Steil recalled US Securities and Exchange Commission (SEC) Gary Gensler’s response to the Committee, stating that there were no clear no rules for crypto market.
Also Read: Crypto Giant Galaxy Digital Moving Operations Off Shore Citing US Regulatory Headache
No Clear Rules For Crypto
Recalling Gensler’s response on his view on future of crypto regulation, Bryan Steil said Gensler failed to explain a path forward. The hearing, titled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets,” featured Marco Santori, Chief Legal Officer, Kraken exchange as well as Michael Blaugrund, Chief Operating Officer, New York Stock Exchange. Both the executives explained before the subcommittee the need for clear crypto laws in the United States.
Steil went to the extent of saying Gensler apparently did not even trade a digital asset himself ever.
“May be one of the only things we learned was that Chairman Gensler never traded a digital asset himself. We don’t know what Gensler’s plans are and there’s no clear rules in front of us.”
Santori said his company was finding it difficult to operate in terms of determining resources without a comprehensive Federal plan on the crypto market. Adding to this, Blaugrand said the SEC should find an on-ramp to allow existing cryptocurrencies to come into the regulatory framework, describing the current scenario as a “chicken and egg problem.”
Also Read: South Korea Freezes Do Kwon’s $176 Million Worth Assets
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
