Congressmembers demand answers from SEC on crypto company probes

Eight members of Congress have written to Gary Gensler, chairman of the Securities and Exchange Commission, about the SEC's treatment of crypto firms. Particularly, the congresspeople imply that the SEC is misusing its investigative divisions.on March 16. Congressman Tom Emmer spearheaded the initiative, which finds fault with the SEC's scrutiny of the crypto industry.

"My office has received numerous tips from crypto and blockchain firms that SEC Chair @GaryGensler’s information reporting 'requests' to the crypto community are overburdensome, don’t feel particularly… voluntary… and are stifling innovation," Emmer tweeted.

on his view that most crypto tokens are securities and already fall into the SEC's remit, along with the exchanges that list them.

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