SEC under Fire from Lawmakers over Cryptocurrency Regulation Approach

The US Securities and Exchange Commission (SEC) has faced criticism from lawmakers over its handling of cryptocurrency regulation.

At a recent hearing, SEC Chairman Gary Gensler was pressed by Rep. Patrick McHenry (R-North Carolina), chairman of the House Financial Services Committee, on the agency's stance on regulating cryptocurrencies.

Gensler started to respond but was interrupted by McHenry, who asked his Republican-appointed colleague, Hester Peirce, for her views on the matter.

Pierce replied that the SEC had adopted a 'legally imprecise' approach to avoid addressing the lack of clarity in regulating cryptocurrencies. She added that Congress's intervention is always welcome but acknowledged that there are some guidelines available, which the agency chooses not to follow.