After the SEC recently prosecuted Kraken for operating as an unregistered securities exchange, U.S. Senator from Wyoming, Cynthia Lummis, issued a statement denouncing the agency’s enforcement in the cryptocurrency field.
Cynthia stated that “the SEC can not continue ruling by enforcement” despite the fact that cryptocurrency entrepreneurs frequently approach the organization for advice on how to conduct business legally. The senator stated that consumers are suffering needlessly as a result of the regulation of cryptocurrency businesses.
She also requested that a regulatory framework be developed by the US Congress that clearly distinguishes between security and commodity for the federal agency.