{"id":10851,"date":"2021-08-12T00:54:27","date_gmt":"2021-08-12T00:54:27","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-asking-for-jurisdiction-over-all-crypto-exchanges-is-a-blatant-power-grab-says-lawmaker\/"},"modified":"2021-08-12T00:54:27","modified_gmt":"2021-08-12T00:54:27","slug":"sec-asking-for-jurisdiction-over-all-crypto-exchanges-is-a-blatant-power-grab-says-lawmaker","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-asking-for-jurisdiction-over-all-crypto-exchanges-is-a-blatant-power-grab-says-lawmaker\/","title":{"rendered":"SEC Asking for Jurisdiction Over All Crypto Exchanges Is \u2018a Blatant Power Grab,\u2019 Says Lawmaker"},"content":{"rendered":"<p><strong>U.S. Congressman Patrick McHenry has slammed the U.S. Securities and Exchange Commission (SEC) for asking for jurisdiction over all crypto exchanges, including non-securities ones. He called it \u201ca blatant power grab that will hurt American innovation,\u201d adding, \u201cWe don\u2019t need another backroom deal between Gensler and Elizabeth Warren.\u201d<\/strong><\/p>\n<h2>Lawmaker Slams SEC for Blatant Power Grab Over Crypto<\/h2>\n<p>Rep. Patrick McHenry from North Carolina released a statement Wednesday in response to a letter SEC Chairman Gary Gensler sent to Senator Elizabeth Warren about cryptocurrency regulation.<\/p>\n<p>Senator Warren shared the letter Wednesday. Gensler <a href=\"https:\/\/news.bitcoin.com\/sec-chair-senator-legislative-priority-crypto-trading-lending-defi-platforms\/\">wrote<\/a>: \u201cI believe we need additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks. We also need more resources to protect investors in this growing and volatile sector.\u201d<\/p>\n<p>McHenry\u2019s statement \u201con Gensler power grab over digital asset exchanges\u201d explains that the SEC chairman is \u201casking for jurisdiction of all exchanges of digital assets \u2014 not all of which are securities.\u201d The congressman emphasized:<\/p>\n<p>Chairman Gensler\u2019s latest move to ask Congress for jurisdiction over non-securities exchanges is a blatant power grab that will hurt American innovation.<\/p>\n<p>\u201cGiven the distinct nature of digital assets, policymakers must be thoughtful and deliberative in legislating in this space,\u201d he added.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>Rep. McHenry then mentioned <a href=\"https:\/\/news.bitcoin.com\/us-house-passes-bill-sec-cftc-working-group-digital-assets\/\">a bill he introduced<\/a>, H.R. 1602, the Eliminate Barriers to Innovation Act, which the House of Representatives passed on April 20 and is now waiting for the Senate to take up.<\/p>\n<p>The bipartisan bill aims to create a digital asset working group comprised of the Commodity Futures Trading Commission (CFTC), the SEC, and market participants \u201cto bring much needed regulatory clarity to the digital asset ecosystem,\u201d McHenry detailed, elaborating:<\/p>\n<p>We need smart policy, made through a transparent process, to ensure innovation and job creation continue in the U.S. We don\u2019t need another backroom deal between Gensler and Elizabeth Warren.<\/p>\n<p><em><strong>Do you agree with Rep. Patrick McHenry? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, crypto exchanges, cryptocurrency exchanges, Elizabeth Warren, Gary Gensler, patrick mchenry, power grab, SEC, sec chair gary gensler, US Lawmakers, us laws<\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. Congressman Patrick McHenry has slammed the U.S. Securities and Exchange Commission (SEC) for asking for jurisdiction over all crypto exchanges, including non-securities ones. He called it \u201ca blatant power grab that will hurt American innovation,\u201d adding, \u201cWe don\u2019t need another backroom deal between Gensler and Elizabeth Warren.\u201d Lawmaker Slams SEC for Blatant Power Grab&hellip;<\/p>\n","protected":false},"author":0,"featured_media":10852,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10851","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10851"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10851"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10851\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10852"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}