On March 16th, 2022, Congressman Tom Emmer (R-MN) and seven other Congress Members sent a formal letter to the Securities and Exchange Commission and Gary Gensler (SEC chair) regarding their investigations on Bitcoin and cryptocurrency companies.
Emmer tweeted a thread stating that his office received word from a number of companies involved with Bitcoin and cryptocurrency services that the SEC is overburdening them with requests for information. In his attached letter, Emmer went on to say that the SEC staff can request documents but not in a manner that overwhelms the participants, according to the Paperwork Reduction Act (PRA).
The companies that have reached out to Emmer find the SEC requests to be unnecessary, redundant, bordering on involuntary, and stifling toward innovation.
The letter presents a number of questions to Gensler that are meant to shed light on why the SEC is soliciting information from these private Bitcoin and cryptocurrency firms.
Questions include:
Emmer and the other congressmen hope this letter lend them an understanding of what the SECs intentions and processes are for obtaining information from Bitcoin and cryptocurrency firms.
At the BTC Times, we decided to responsibly cover news about altcoins from time to time, provided that we consider them relevant for Bitcoin or interesting for our readers. The goal of these articles will always be to inform, explain, clarify, debunk, and expose, sticking to the objective facts and qualified technical opinions, and never to promote, advertise, or legitimize "coins", "tokens", or other investment propositions.
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