Bitcoin Industry Leaders Say SEC Lawsuits Could Harm U.S. Economy

, told me in an interview that Congress “has failed to keep pace with innovations happening in the cryptocurrency ecosystem.”

Shrader added that SEC chief Gary Gensler is applying outdated legislation through enforcement actions on the largest companies in the global crypto industry, all while failing to provide clarity on their interpretations of existing laws.how to reduce the SEC’s power by clarifying that the Commodity Futures Trading Commission has more authority to regulate exchanges. Luckily for bitcoin-only companies, both the CFTC and SEC have clarified that bitcoin is a commodity, not a security.

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