U.S. Senator Cynthia Lummis criticized the U.S. Securities and Exchange Commission’s (SEC) current approach to cryptocurrency regulation in a recent article on X. Cynthia Lummis accused the agency of relying on an “enforcement adjudication” strategy, emphasizing that crypto asset companies seeking guidance from the SEC often face enforcement actions that lack clear grounds and ultimately harm the interests of consumers. The SEC cannot continue to rule through enforcement. Lummis said that crypto asset companies have repeatedly tried to obtain guidance from the SEC, but have been hit by enforcement actions, causing unnecessary harm to consumers.
Lummis added that Congress has a responsibility to develop a comprehensive regulatory framework that clarifies what is a security and what is a commodity in the cryptocurrency industry.
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