Sen. Pat Toomey accused the Securities and Exchange Commission (SEC) of dragging its feet on instituting oversight of crypto firms as some of those companies collapsed, taking investors’ cash with them.
“Had the SEC responded to calls for clarity on how it would apply existing securities laws to novel digital assets and services, things could have been different,” Toomey, who is the ranking Republican on the Senate Banking Committee that oversees the regulator, wrote in a letter to SEC Chair Gary Gensler. “Companies could have adjusted product offerings accordingly, preventing investor losses today, and the SEC would have been free to focus enforcement efforts on the worst actors.”
‘Enforcement 40’ for 2020
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