Since the dawn of decentralization and initiation of cryptocurrencies, the Security and Exchange Commission has been pretty much silent on how to regulate these assets that are new to the financial paradigm. Recently, the US Securities and Exchange Commission has ramped up its activities, according to a US representative, for the sake of regulating the crypto market.
Tom Emmer, a representative from Minnesota, has said in a congressional meeting that the practices of the Securities and Exchange Commission are fairly unfair as it is approaching those crypto firms which do not even happen to be within its jurisdiction.
He has further claimed that enforcement is being approached by the Securities and Exchange Commission for the sake of targeting legit crypto businesses and assets at the expense of public resources and the money of taxpayers.
He further said that this agenda of the Securities and Exchange Commission seems a bit personal rather than operational. The stance of the Securities and Exchange Commission is not that hard when it comes to other financial markets such as stock, forex, or the bond market, whereas the crypto market seems to be at the very center of the SEC’s focus.
SEC’s Unconstitutional Actions
This so-called open arms treatment that the Securities and Exchange Commission has going on at the moment where it invites multiple companies that are outside the regulatory dominion of SEC for the sake of discussing policy, but at the end of the day, they are being targeted and ambushed with severe enforcement actions.
According to Tom, this kind of behavior is not only unjust but unconstitutional as well, which doesn’t seem to be in favor of the regulatory company.
Its primary focus and purpose should be to make sure that these kinds of markets and financial opportunities are thriving under regulatory oversight and not to cut their roots in the very beginning without any solid or conclusive proof. If the severity of SEC continues the way it is now, it shall become very difficult for new crypto endeavors to reel in success.