SEC Allegedly Delays Assistance For US Crypto Market Bill

Opeyemi Sule

2 years ago

3 mins read

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The United States Securities and Exchange Commission (SEC) has allegedly held up assistance needed in a congressional bill to regulate the crypto markets. This has been considered a potential hurdle if the bill is to pass in Congress.

Through multiple sources, the Block found that the SEC has yet to provide sufficient technical assistance for the bill after almost six weeks of request. The report stated that this appears to be the case despite the supposed commission’s good communication with the House.

SEC officials have recently provided briefings to the staff of Democratic members of the House Financial Services Committee. These briefings reportedly covered their opinions on digital asset regulation in light of the committee’s upcoming consideration of bills to establish a comprehensive framework for cryptocurrency markets in the United States.

While the Securities and Exchange Commission seems to be dragging its feet in responding to the House’s request, the Commodity Futures Trading Commission (CFTC) is said to have been receptive so far, providing the congressional staff with some technical assistance.

Final Draft Of Crypto Market Bill To Be Unveiled

Various House committees have been working together for months to create a new bill for crypto markets in the country. This crypto market bill, led primarily by Republican members, is expected to direct the U.S. market regulators on how a digital asset can transition from a security to a commodity.

Additionally, it would temporarily confer the Commodity Futures Trading Commission superior power over crypto commodities markets – mainly Bitcoin trading.

A final draft of this multi-committee bill will reportedly be introduced today, July 20, 2023. This is in anticipation of a committee debate and vote next week.

Initially, a committee debate and amendment process for the Financial Services Committee part of the bill was scheduled on Wednesday, July 19. However, this “markup” has been rescheduled to the following week to allow enough time for additional review by committee members.

Senators Urge SEC Chairman To Crack Down On Crypto Companies

On Wednesday, July 19, two prominent figures in the U.S. Senate criticized the crypto industry, pressing the Securities and Exchange Commission to be more aggressive in its regulatory style.

Democrat Senator Dick Durbin D-III condemned the activities of crypto companies in the United States. The government official said:

They spent billions on sports arena or stadium naming rights deals to gain misguided credibility with everyday Americans and manipulate prices with phony tokens of no underlying value.

Senator John Kennedy, a Republican from Louisiana, asked Gensler why there was “no emergency injunction to force the bankrupt FTX exchange to halt its operations before collapsing last November.”

The SEC chairman responded, saying:

We investigate by the book. You, I’m sure, and the American public, want us to follow the facts, follow the law, properly get people subpoenas.

Although Gensler agreed with the Senators’ claims about the crypto industry and the need for more policies, he made a case for the underlying technology. Meanwhile, he took the opportunity to request more funding for his agency.

Crypto Total Market Cap at $1.16 trillion | Source: TOTAL chart from TradingView

Featured image from Tekedia, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

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Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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