A group of members from the House Financial Services Committee have sent a letter to the president of the SEC, Gary Gensler, and the president of FINRA, Robert Cook, expressing their dissatisfaction with the agencies’ silence following the launch of Prometheum Inc.’s Ethereum custody services, which they refer to as ‘crypto asset security’.<\/p>\n
Republican members of the House Financial Services Committee, led by Representative John Rose, have recently sent a scathing letter to Gary Gensler, the chairman of the SEC, and Robert Cook, the president of FINRA.<\/p>\n
The purpose of this correspondence is to express concern over the persistent silence of these agencies following the launch of Prometheum Inc.’s Ethereum custody services, which are referred to as ‘crypto asset security’. According to these legislators, this silence amounts to complicity, creating paralyzing uncertainty in the digital asset market.<\/p>\n
The inconsistency criticized in the letter lies at the heart of the debate. Although the SEC has acknowledged that Ethereum is not a security, the use of the term ‘crypto asset security’ remains unclear and controversial. Republican lawmakers argue that this term does not apply to ETH itself, but rather to the way it is marketed. This subtle distinction, overlooked by current regulations, contributes to market confusion.<\/p>\n
In his letter, John Rose strongly criticizes the lack of clarity:<\/p>\n
\n‘Actors in the digital asset sector deserve certainty from their regulators. Under the leadership of Gary Gensler, they have received nothing but chaos and confusion.’<\/p>\n<\/blockquote>\n
A sarcastic message follows: Rose hopes that Gensler, ‘by cleaning up his office’, will finally pay attention to these concerns and provide clear guidance before his departure.<\/p>\n
An all-out attack on Gensler’s leadership<\/h2>\n
This letter adds to the growing wave of criticism against the SEC’s management under Gensler. Last year, Charles Gasparino’s article in the New York Post already described the SEC’s crypto regulation as ‘uneven chaos’. The example of Prometheum was already highlighted as proof that some actors are able to navigate the agency’s loopholes to obtain unjustified advantages.<\/p>\n
The SEC and its controversial priorities<\/h3>\n
For advocates of fair and supportive crypto regulation, the Gensler era symbolizes a punitive and inconsistent approach. Under his presidency, the SEC has been characterized by a series of lawsuits and sanctions, sometimes seen as excessive, against crypto companies, while allowing actors like Prometheum to benefit from opaque treatment. These priorities raise questions about the agency’s true intention: protecting consumers, stifling innovation, or favoring their comrades?<\/p>\n
A call for a change in direction<\/h3>\n
The signatories of the letter, including Representatives French Hill, Mike Flood, Dusty Johnson, and William Timmons, unite in calling for a change in strategy. Their position reflects a sentiment that is increasingly shared within the industry: the need for a regulatory framework that promotes innovation while ensuring transparency and user protection. Calls for a change in leadership and better governance of the SEC are multiplying, echoing the frustrations of the crypto community, which, under the administration of Gary Gensler, has encountered nothing but obstacles.<\/p>\n
In a context where global competition in financial innovation is intensifying, the ability of the United States to remain a leader in the digital asset field will depend on the willingness of its new regulators to listen to the voices of the industry and readjust their course.<\/p>\n","protected":false},"excerpt":{"rendered":"A group of members from the House Financial Services Committee have sent a letter to the president of…\n","protected":false},"author":8,"featured_media":445338,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","original_i18n_url":"https:\/\/coinacademy.fr\/actu\/sec-republicains-attaquent-gary-gensler\/"},"categories":[139,151],"tags":[],"coauthors":[],"yoast_head":"\n
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