{"id":10056,"date":"2023-11-06T06:15:14","date_gmt":"2023-11-06T06:15:14","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/senator-lummis-takes-a-stand-against-secs-crypto-crackdown-says-the-commission-is-overreaching\/"},"modified":"2023-11-06T06:15:15","modified_gmt":"2023-11-06T06:15:15","slug":"senator-lummis-takes-a-stand-against-secs-crypto-crackdown-says-the-commission-is-overreaching","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=10056","title":{"rendered":"Senator Lummis Takes a Stand Against SEC&#8217;s Crypto Crackdown, Says the Commission is &#8220;Overreaching&#8221;"},"content":{"rendered":"<div>\n<figure id=\"attachment_127299\" aria-describedby=\"caption-attachment-127299\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-127299\" class=\"wp-caption-text\">Source: Adobe<\/figcaption><\/figure>\n<p>Senator <strong>Cynthia Lummis<\/strong> (R-Wyo.) has voiced opposition to the Securities and Exchange Commission\u2019s ongoing crackdown on the cryptocurrency industry.<\/p>\n<p>In an <span data-preserver-spaces=\"true\">interview with Yahoo Finance<\/span>, she expressed her concerns about the regulatory agency\u2019s actions and vowed to block one of its controversial new crypto policies.<\/p>\n<p>\u201cI think the SEC is overreaching,\u201d she said.<\/p>\n<p>The SEC has been pursuing aggressive measures, including lawsuits against major players like Coinbase and Binance.<\/p>\n<p>One particular policy issued by the SEC in March 2022, known as \u201cStaff Accounting Bulletin 121,\u201d has caught Lummis\u2019 attention.<\/p>\n<p>The policy requires financial firms holding customers\u2019 crypto assets to include them on their balance sheets while also warning investors about the risks involved in safeguarding those assets.<\/p>\n<p>However, the Government Accountability Office (GAO) <span data-preserver-spaces=\"true\">recently stated<\/span>\u00a0that the SEC should have sought congressional approval for this policy guidance.<\/p>\n<p>Senator Lummis is now determined to prevent this policy from becoming binding, citing it as an example of the SEC\u2019s overreach.<\/p>\n<p>She aims to gather support for her efforts in the Senate and the House within the next few weeks.<\/p>\n<p>Lummis argues that the bulletin could potentially harm consumers if a digital asset custodian were to collapse.\n<\/p>\n<h2>Lummis Works On a Number of Crypto Legislations<\/h2>\n<p>\nLummis is actively working on multiple fronts to provide the crypto industry with more regulatory clarity in Washington.<\/p>\n<p>She has co-sponsored a comprehensive piece of crypto legislation with Senator Kirsten Gillibrand (D-N.Y.), which aims to outline the sector\u2019s regulatory framework.<\/p>\n<p>\u201cSen. Gillibrand and I see the small differences between the House and the Senate versions specifically related to stablecoins and we know they\u2019re resolvable,\u201d she said.<\/p>\n<p>\u201cSo I think we\u2019re going to be able to get to a resolution on stablecoins now that the House has a new speaker and they\u2019re again open for business.\u201d<\/p>\n<p>Lummis is hopeful that this legislation will pass in early 2024 and is open to incorporating specific provisions into other legislative packages.<\/p>\n<p>In recent weeks, a portion of Lummis\u2019 bill addressing terrorist financing was included in the Senate\u2019s defense spending package, known as the National Defense Authorization Act.<\/p>\n<p>This legislation is currently being discussed and reconciled with the House.<\/p>\n<p>Lummis believes that such measures are crucial, highlighting the concerns that organizations like Hamas are using cryptocurrencies to support their activities.<\/p>\n<p>The senator also expressed support for the House Financial Services Committee\u2019s crypto framework, led by Committee Chair Patrick McHenry (R-N.C.).<\/p>\n<p>She is content with whichever legislative body is able to make progress first, emphasizing the importance of reaching a clear regulatory framework for the crypto industry.\n<\/p>\n<h2>Democrats Criticize SEC Over Handling of Crypto Accounting Bulletin<\/h2>\n<p>\nLast week, Democratic lawmaker Representative Wiley Nickel from North Carolina <span data-preserver-spaces=\"true\">criticized the SEC\u2019s management<\/span> of a controversial bulletin concerning the accounting of companies\u2019 crypto holdings.<\/p>\n<p>He voiced concerns about the potential repercussions of the bulletin, stating that it could undermine the safety of digital assets.<\/p>\n<p>Several other members of Congress have also voiced concerns regarding the bulletin.<\/p>\n<p>Representative Patrick McHenry, a Republican from North Carolina, and Chair of the House Financial Services Committee, has said he believes the bulletin imposes substantial new requirements on financial institutions and could discourage them from offering custodial services.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/senator-lummis-takes-a-stand-against-secs-crypto-crackdown-says-the-commission-is-overreaching.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Adobe Senator Cynthia Lummis (R-Wyo.) has voiced opposition to the Securities and Exchange Commission\u2019s ongoing crackdown on the cryptocurrency industry. In&#8230;<\/p>\n","protected":false},"author":1,"featured_media":10057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-10056","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Senator Lummis Takes a Stand Against SEC&#039;s Crypto Crackdown, Says the Commission is &quot;Overreaching&quot; | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Adobe Senator Cynthia Lummis (R-Wyo.) has voiced opposition to the Securities and Exchange Commission\u2019s ongoing crackdown on the cryptocurrency\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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