Crypto Regulation Debate Heats Up in US Congress

According to The Block, a recent Congressional hearing on crypto regulation witnessed intense debate. While some companies have received permission from the Securities and Exchange Commission (SEC) to legally custody crypto assets, many crypto businesses and lawmakers criticized the SEC's regulatory approach.

Robinhood's Chief Legal Officer, Dan Gallagher, stated that the company had suggested rule adjustments to the SEC during discussions about its crypto operations, but ultimately, communication broke down. Democratic Congressman Stephen Lynch, meanwhile, asserted that the rules are clear and that crypto companies should not selectively comply.

The crypto industry accused the SEC of selective enforcement, claiming its policies harm innovation and American competitiveness.