Summary
- Cynthia Lummis criticized Gary Gensler's SEC as un-American.
- She pointed out that the SEC secretly reinterpreted the Howey Test and Investment Contract.
- Lummis emphasized that Congress should clearly define the boundaries between securities and commodities.
On the 28th (local time), according to the cryptocurrency-focused media The Block, U.S. Senator Cynthia Lummis, known for her crypto-friendly stance, criticized Gary Gensler's SEC as 'un-American' in an opinion submitted to the federal appellate court regarding the Coinbase-SEC lawsuit.
She pointed out that 'under the Biden Administration, the SEC aggressively reinterpreted the Howey Test and Investment Contract case law and kept it secret while demanding compliance from exchanges.'
She continued, 'This approach is un-American,' emphasizing that 'the role of Congress is to establish a legislative framework that can clearly delineate the boundaries between securities and commodities.'
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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