.RepFrenchHill is calling on GaryGensler to collaborate more actively with Congress
The letter cites that over the past four years, more than 15 hearings have taken place regarding digital asset policy, revealing significant regulatory gaps. Two crucial bills were introduced to tackle these gaps: The Clarity for Digital Tokens Act, proposed by Chairman McHenry in 2021 to create a regulatory safe harbor for new digital asset projects, and The Digital Commodity Exchange Act, introduced by Chairman Thompson in 2022 to set up a regulatory regime for digital commodities.
Despite the Congressional efforts to establish comprehensive laws for digital assets, it seems that thehas chosen a different approach. The SEC’s decision to regulate by enforcement, instead of actively participating in legislative discussions, has raised concerns. It has led to further confusion, as exemplified by the recent Ripple case. The letter concludes with a call for constructive engagement with the SEC on this groundbreaking legislation, urging for the establishment of clear rules to close the digital asset market regulatory gap.
They argue that future issues could be preemptively mitigated with proper legislation rather than reactively punishing violators after the damage has already occurred.
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