Commentary
The Financial Services Committee of the U.S. House of Representatives met last week to conduct an oversight hearing on the Securities and Exchange Commission (SEC). While many topics were covered in this marathon session, by far the most important, and the impetus for the hearing, was a growing concern by both Republican and Democrat members of the committee that the SEC is weaponizing its enforcement powers to attack and undermine the developing market for digital assets, also known as cryptocurrencies or tokens.
The SEC’s declaration of war against cryptocurrencies is producing a massive chilling effect on the industry, potentially harming the competitive interests of the United States in one of the most promising technological and financial innovations of the century….