Congressman criticizes SEC Chairman over Binance case Inste | Crypto Update HQ

Congressman criticizes SEC Chairman over Binance case

Instead of focusing on Binance's past actions, SEC Chairman Gary Gensler turned his attention to Kim Kardashian's involvement in an illicit cryptocurrency project, according to Congressman Patrick McHenry. #SEC #Binance

McHenry, the Chairman of the House Financial Services Committee and co-author of two bills aimed at eliminating regulatory uncertainty in the digital asset industry, expressed his dissatisfaction with Binance. He believes Gensler should have taken swift action against the world's largest cryptocurrency exchange. #Crypto

"The platform is an illegal entity engaging in illicit financial operations. We could have pursued 'bad actors' much more effectively. Frankly, Binance should have been shut down years ago," McHenry stated. #Regulation

McHenry agrees with the prediction that federal prosecutors will bring criminal charges against the platform. He jokingly criticized the SEC for focusing on Kim Kardashian instead of taking necessary actions. #Cryptocurrency

The hearings revealed that McHenry's proposed Digital Asset legislation has divided Republicans and Democrats. While Republicans generally support a cryptocurrency-focused approach, Democrats are supportive of Gensler's actions. #Congress

"The bill allows crypto firms, currently facing lawsuits for violating our securities laws, to continue operating with pre-registration. It seemingly suspends any SEC enforcement actions against companies, even if they have committed fraud," said Maxine Waters, the Chair of the Senate Banking Committee. #DigitalAssets

Republican Congressman Warren Davidson, co-author of the bill calling for Gensler's removal and agency restructuring, believes that the SEC Chairman has exceeded his authority. #SEC #Congress

"Much of the problem has been the agency head's desire to use all of the power... to execute an agenda in any given situation," Davidson stated in an interview. #Regulation

Stay tuned for updates on the ongoing discussions surrounding Binance and regulatory actions. #CryptoNews #Binance #SEC