Rep. Tom Emmer (R-Minn.) and seven other members of Congress have written to SEC Chairman Gary Gensler. Requesting answers on the SEC’s investigation of cryptocurrency companies. Emmer tweeted about the letter, which dated March 16th.
The SEC’s use of authorities in its Divisions of Enforcement and Examination to gather information on digital asset and blockchain enterprises was the subject of the inquiries.
“It appears that the Enforcement Division’s investigative functions have been increasingly in use in recent months”. The Congress members wrote, “in order to acquire information from unregulated cryptocurrency and blockchain industry players in a manner inconsistent with the Commission’s guidelines for starting an investigation.”
In fact, the members stated that they had cause to suspect the requests were in violation of the Paperwork Reduction Act. As well, “government agencies must be good stewards of the public’s time, and not overload them with needless or duplicate demands for information.”
13 comprehensive questions
In like manner, the letter went on to ask a series of 13 comprehensive questions about the SEC’s document demands for cryptocurrency sector players. Including the number of inquiries in each one and how much time companies were given to respond. They also wanted to know how much it would cost to reply to these demands in terms of compliance costs.
“Extra-jurisdictional and cumbersome reporting requirements should not be a hindrance to crypto companies”. In a tweet that accompanied the letter, Emmer said, “We will guarantee that our regulators do not kill American innovation and possibilities.”
The members of Congress demanded that their questions be answered by April 29.
Reps. Darren Soto (D-Fla.), Warren Davidson (R-Ohio), Jake Auchincloss (D-Mass.), Byron Donalds (R-Fla.). As well as Josh Gottheimer (D-N.J.), Ted Budd (R-N.C.). In addition to Ritchie Torres (R-N.C.) were among the other signatories to the letter (D-N.Y.). All members of the Congressional Blockchain Caucus, with the exception of Donald Trump, are members of the group.
Finally, the way authorities should deal with crypto companies will become clearer in the near future. Likewise, President Joe Biden of the United States signed an executive order two weeks ago. He required all government agencies to coordinate their crypto policies.