On March 17, eight members of Congress from the U.S. Congressional Blockchain Caucus sent a letter to SEC Chairman Gary Gensler to discuss the SEC’s handling of crypto companies.
Suggesting that the SEC is abusing its investigative arm, Congressman Tom Emmer wrote: “There seems to be a recent trend of using the investigative function of law enforcement to extract money from unregulated cryptocurrencies and cryptocurrencies in a way that does not meet the Committee’s standards for initiating an investigation. Collect information from blockchain industry players.
In November last year, Tom Emmer and another congressman, Darren Soto, sent a letter to Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), calling on the SEC to approve ETF trading products based on spot bitcoin assets.