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Crypto Market News: Bryan Steil, a the US representative from Wisconsin, opened his remarks saying the current “regulation by enforcement” was not working, during the historic joint Subcommittee hearing on digital assets. Earlier, Patrick McHenry, Chairman of the House Financial Services Committee, delivered his opening remarks saying “The goal here is to make law.” Steil recalled US Securities and Exchange Commission (SEC) Gary Gensler’s response to the Committee, stating that there were no clear no rules for crypto market.

Also Read: Crypto Giant Galaxy Digital Moving Operations Off Shore Citing US Regulatory Headache

No Clear Rules For Crypto

Recalling Gensler’s response on his view on future of crypto regulation, Bryan Steil said Gensler failed to explain a path forward. The hearing, titled “The Future of Digital Assets: Measuring the Regulatory Gaps in the Digital Asset Markets,” featured Marco Santori, Chief Legal Officer, Kraken exchange as well as Michael Blaugrund, Chief Operating Officer, New York Stock Exchange. Both the executives explained before the subcommittee the need for clear crypto laws in the United States.

Steil went to the extent of saying Gensler apparently did not even trade a digital asset himself ever.

“May be one of the only things we learned was that Chairman Gensler never traded a digital asset himself. We don’t know what Gensler’s plans are and there’s no clear rules in front of us.”

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Santori said his company was finding it difficult to operate in terms of determining resources without a comprehensive Federal plan on the crypto market. Adding to this, Blaugrand said the SEC should find an on-ramp to allow existing cryptocurrencies to come into the regulatory framework, describing the current scenario as a “chicken and egg problem.”

Also Read: South Korea Freezes Do Kwon’s $176 Million Worth Assets

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected].

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.