A Congressional Blockchain Caucus leader wants the SEC to clarify its reporting requirements for crypto companies, calling them "burdensome."
Minnesota Rep. Tom Emmer has sent a letter to SEC Chairman Gary Gensler asking him to explain the agency's process for requesting information from private companies involved in the cryptocurrency business, noting that such firms are not currently regulated by the SEC.
Emmer noted “a recent trend towards” gathering information “from unregulated cryptocurrency and blockchain industry participants in a manner inconsistent with the Commission’s standards for initiating investigations” in the letter.
In a tweet, Emmer also said, “My office has received numerous tips from crypto and blockchain firms that SEC Chair Gary Gensler’s information reporting 'requests' to the crypto community are overburdensome, don’t feel particularly ... voluntary ... and are stifling innovation.”
Gensler has been accused of using heavy-handed tactics toward crypto companies that also complain that the SEC, under his leadership, has failed to offer clear guidance on cryptocurrencies and digital assets.
Gensler has argued that many cryptocurrencies are in fact securities that must be subject to stricter regulations.
The SEC could not immediately be reached for comment.