Republican lawmakers have criticised Securities and Exchange Commission (SEC) Chairman Gary Gensler for the regulator’s approach to the crypto industry. In a letter signed by each member of the House Financial Services Committee, the lawmakers claimed a lack of clear rules and a non-existent registration process for crypto trading firms was preventing compliance. The letter also accused Gensler of applying a regulatory framework that was incompatible and inapplicable to the sector. The congressional Republicans have been looking to clarify how cryptocurrencies should be defined, either as commodities or securities, and have sought regulation for stablecoins, which they would discuss during a House Financial Services Committee. Gensler has said that rules for the digital asset industry already existed in today’s securities laws and he has used the Howey Test to determine whether digital assets should be defined as a security or a commodity.
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