Republican Lawmakers Threaten SEC with Hearing Over Lack of Information on Crypto Platforms

Republican lawmakers in the House of Representatives have issued a warning to the U.S. Securities and Exchange Commission (SEC), stating that they will convene a hearing if the agency continues to disregard their requests for information on its interactions with crypto platforms seeking registration as exchanges.

The SEC previously declined to provide a list of companies that have engaged with SEC officials to discuss registration, prompting Chairman of the House Financial Services Committee, Rep. Patrick McHenry (R-N.C.), to send a letter to SEC Chair Gary Gensler expressing his dissatisfaction with the agency's response.

As Rep. McHenry's committee holds a significant role in potential legislation concerning the oversight of digital assets, he and Rep. Bill Huizenga (R-Mich.) sent a follow-up letter on May 9, narrowing their requests and setting a new deadline of May 19.

If the SEC fails to meet this deadline, the committee plans to schedule testimony from SEC officials to address the agency's failure to comply with congressional requests.

Republican lawmakers have criticized the SEC for attempting to subject the crypto industry to existing securities regulations without establishing clear rules for digital asset trading platforms and intermediaries to follow.

While the SEC maintained that it will respond directly to members of Congress regarding their information requests rather than through the media, the threat of a hearing looms if their demands are not met.

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