ChainCatcher reported that according to The Block, the U.S. Congress had a heated debate on cryptocurrency regulation at a hearing. Although some companies have obtained permission from the U.S. Securities and Exchange Commission (SEC) to legally custody crypto assets, many crypto companies and lawmakers still criticize the SEC's regulatory approach.
Dan Gallagher, chief legal officer of Robinhood, said the company had suggested adjusting the rules when discussing crypto business with the SEC, but communication was ultimately cut off. Meanwhile, Democratic Senator Stephen Lynch said the rules are clear and crypto companies should not selectively comply. The crypto industry accuses the SEC of selective enforcement and says its policies hurt innovation and U.S. competitiveness.
