Michigan Rep Rebukes Gensler: You Have No Right on Crypto

Michigan-Rep-Rebukes-Gensler-You-Have-No-Right-on-Crypto
  • US congressman Bill Huizenga said that the US Congress did not give the SEC authority to regulate digital assets.
  • His statement came after SEC Chair Gary Gensler said “the law is clear” that most crypto are securities.
  • Gensler held an interview with CNBC in the wake of SEC charging Kim Kardashian $1.3 million for promoting crypto.

In the wake of the US Securities and Exchange Commission (SEC) charging socialite Kim Kardashian $1.3 million for promoting crypto, US congressman Bill Huizenga said that the securities commission does not have jurisdiction over cryptocurrency.

Rep. Huizenga wrote, “[the] Congress did not give the SEC authority to regulate digital assets.” He even said that the law is clear on this. 

His statement came after SEC Chairman Gary Gensler appeared in an interview with CNBC.

As shown in the interview, Gensler believes most cryptocurrencies are securities since those who sell their tokens pledge greater token valuation in the future. However, Gensler is famous for excluding only two cryptocurrencies from the securities category: Bitcoin (BTC) and Ethereum (ETH).

With the latter, Gensler has been vocal in supporting. Interestingly, some of the previous SEC officials are now affiliated with companies that dabble in ETH. In contrast, the SEC has been in a legal tussle with Ripple, the company that issued XRP.

Meanwhile, in response to Huizenga’s tweet, many people in the crypto space are calling for Gensler to either resign or be removed. One person even claimed that “there is no trust left” in the SEC. Another also attempted to refute Gensler’s claims on crypto.

Huizenga currently serves as the representative for Michigan’s second congressional district.

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Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.