US Senators Push for Increased Oversight of Cryptocurrency

US Senators Push for Increased Oversight of Cryptocurrency



Senators from both political parties responsible for overseeing the Securities and Exchange Commission (SEC) have urged SEC Chair Gary Gensler to take even stricter actions against cryptocurrency companies.



During Wednesday's testimony, Sen. Dick Durbin, a Democrat from Illinois and the second-highest-ranking member of his party in the Senate, used a significant portion of his allotted time to express his concerns about the crypto industry and to urge Gensler to adopt a more assertive approach in regulating it.



“They spent billions on sports arena or stadium naming rights deals to gain misguided credibility with everyday Americans and manipulate prices with phony tokens of no underlying value,” Durbin said, while also noting accusations levied at FTX, Binance, and others of failing to adequately protect or safeguard customer ass


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#Bitcoin, #Blockchain, #Cryptomarket, #SEC, #USA

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