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Lummis Blames Senate Democrats for Sinking Crypto Market Structure Bill, Says SEC Fraud Powers Would Have Remained Intact
JH Kim
Summary
- Sen. Cynthia Lummis said Senate Democrats were to blame for the failure of the cryptocurrency market structure bill.
- She said the measure would have preserved the U.S. Securities and Exchange Commission (SEC) authority to police fraud and market manipulation.
- She said the bill was designed to create a new regulatory framework for the crypto market while allowing the SEC to retain its authority over investor protection and unfair trading.
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Sen. Cynthia Lummis blamed Senate Democrats for the failure of a cryptocurrency market structure bill.
Cointelegraph reported on September 18 that Lummis said Democrats blocked the measure and that it would have preserved the U.S. Securities and Exchange Commission’s authority to police fraud and market manipulation.
She added that the bill was designed to create a new regulatory framework for the crypto market while allowing the SEC to retain its existing powers to protect investors and crack down on unfair trading.
Lummis made the remarks after a procedural vote on the crypto market structure bill recently failed in the Senate.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.