In what has come to be applauded by many in the Crypto community and the Crypto world, eight members of the United States Congress have written to the United States Securities and Exchange Commission (SEC) on what they see as the crippling moves of the agency on Crypto and the activities of Crypto companies.

Eight U.S. lawmakers have sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC) regarding how the agency collects information from crypto companies. According to the crypto community, the SEC’s “requests” for information “are overburdensome, don’t feel particularly voluntary, and stifle innovation.”

The letter was signed by U.S. Representatives Tom Emmer, Darren Soto, Warren Davidson, Jake Auchincloss, Byron Donalds, Josh Gottheimer, Ted Budd, and Ritchie Torres. They are members of the bipartisan Congressional Blockchain Caucus, four Democrats, and three Republicans. The Gary Gensler-led SEC is abusing its investigative powers and overburdening crypto firms. It claims that the regulator has been using the Division of Enforcement and Examination authorities to bog down crypto and blockchain companies in excessive paperwork unfairly. Rep. Bryon Donalds is not a member of the bipartisan Congressional Blockchain Caucus.
The Lawmakers have pointed out the practice of the Securities and Exchange Commission to use its powers as a regulator to stifle Crypto growth and innovation in the country.

Rep. Warren Davidson tweeted, “We must promote American innovation rather than stifle it with an incoherent mix of bad regulation, selective enforcement, and ongoing inaction.”

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