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US SEC cryptocurrency regulation sparks partisan divide, with DEBT Box case and mixer regulation in focus

US SEC cryptocurrency regulation sparks partisan divide, with DEBT Box case and mixer regulation in focus

CointimeCointime2024/05/08 00:07
By:Cointime

There were disagreements between the Democratic and Republican parties during a congressional hearing on Tuesday regarding the Securities and Exchange Commission's (SEC) stance on cryptocurrency regulation. Democratic representative Maxine Waters stated that the party will always pursue compliance, protect investors, and maintain market integrity, while SEC Chairman Gary Gensler insisted that most cryptocurrencies should be considered securities. In addition, the SEC's handling of the case of cryptocurrency start-up DEBT Box was questioned, with one federal judge criticizing the agency's behavior as malicious, and two of its lawyers resigning due to mishandling of the case. On the other hand, Republican lawmakers plan to repeal an accounting guidance policy of the SEC, sparking another round of controversy. This hearing also involved regulation of mixers, with a Democratic congressman proposing a bill aimed at combating cryptocurrency mixing services suspected of money laundering. These disputes highlight the complexity of cryptocurrency regulation and the disagreements that exist between government, industry, and regulatory agencies.

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