In his remarks, House Financial Affairs Committee Chair Patrick McHenry (R-NC) called the SEC's approach to certain parts of the crypto industry a source of controversy among the crypto community and also received criticism from lawmakers.
Brian Armstrong, CEO of Coinbase, blasted the SEC for causing “uncountable damage” to the country.
He believes that a more proactive approach between regulators and industry leaders will be more effective than regulating by law enforcement.
Paradigm, a Web3 venture capital firm, also criticized the SEC for its poor policy of trying to include crypto assets that might not be “securities” into inappropriate disclosure frameworks.
Even US Representative Warren Davidson also plans to introduce legislation to oust Gensler from his position as chairman of the SEC.
Despite the growing criticism, Gensler and the SEC have remained steadfast in their approach to regulating the crypto industry.
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