ICYMI: Congress Can’t Let Gary Gensler Regulate Digital Assets Out of Existence

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Washington, D.C. – In case you missed it, Blockchain Innovation Project (BIP) Co-Chairs David McIntosh and Tim Ryan published an op-ed highlighting the bipartisan pushback against SEC Commissioner Gary Gensler and his unlawful attacks on digital assets firms. Gensler’s crusade against digital assets stem from his failure to prevent FTX from committing one of the largest fraud schemes in United States history and now, Congress must act before he regulates the industry out of existence.

Read the full piece from BIP Co-Chairs David McIntosh and Tim Ryan on Coin Desk.


EXCERPTS:

The advent of blockchain technology and digital assets offers an opportunity for the global economy not seen since the dawn of the internet. These innovations open doors for the unbanked, providing a pathway for success to those who are shut out of traditional financial systems.

Despite the boom in blockchain technology and digital assets, bureaucrats like Securities and Exchange Commission (SEC) Chairman Gary Gensler want to stifle their development in the United States through unlawful, overbearing regulations based on a misguided approach that lacks understanding of their potential. Thankfully, the courts have slapped down Gensler’s attempts to drive digital assets out of the U.S. economy. Now, Congress must act to ensure Gensler and the SEC are kept at bay.

Why is Gensler so against progress and innovation regarding digital assets? Because of the embarrassment associated with Gensler’s failure to prevent Sam Bankman-Fried and FTX from committing one of the largest fraud schemes in United States history.

Congress must act promptly to thwart any new burdensome regulatory attempts in the future. Thankfully, House Majority Whip Tom Emmer has taken the lead in these efforts to combat Gensler and the SEC by introducing an amendment to the Financial Services and General Government appropriations bill. If enacted, this rider would prohibit the SEC from using taxpayer dollars for illegal enforcement actions against digital assets without clear legal authority.

The importance of this rider cannot be overstated, and The Blockchain Innovation Project, a bipartisan advocacy organization designed to educate elected officials on digital assets and blockchain technology, supports the adoption of this rider. At a time when many Americans can hardly reach a consensus on anything, Republicans and Democrats can agree that the overbearing nature of Gensler’s SEC is unacceptable.

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