Bitcoin and the Securities and Exchange Commission [SEC] have gone toe-to-toe on several occasions, and that has mainly been due to the regulations surrounding the world’s largest cryptocurrency. China, which has become an integral part of the Bitcoin ecosystem, saw its Bitcoin community getting riled up recently when Tencent News’ “First Line” report claimed that Bitmain had secretly submitted a listing application to the SEC with Deutsche Bank being the sponsor.
Many in the cryptocurrency space has claimed that this is Jihan Wu’s ploy to make an impact again after Bitmain’s slight dip after the Bitcoin Cash fork. Just recently, Jenke, the Chairman of Bitmain, had stepped down as the legal representative of the company with Jihan Wu taking over that spot. With Jank leaving his position, the Jank Group had also vacated the executive director spot.
The SEC, for the most part, has made positive decisions keeping crypto in mind, but Congressman Tom Emmer had different ideas when he recently announced a bill to protect digital assets from the SEC. Emmer had stated:
“Companies that have followed our current rules of the road, even if convoluted, deserve the certainty that they can offer their digital asset to the public and help contribute to a truly decentralized network,” he said during the testimony.”
The Congressman claims that he wants to table a bill that would preserve integral token sales with the caveat that those projects will have to clear set legislation first.
He made his agenda clear and informed the public that Congress was doing everything in its power to create a better financial system. He allayed fears from the public that stated all members of the Congress did not have knowledge about the new field and during the latest Mark Zuckerberg testimony said:
“I can safely say that this is at least the second time you’ve testified before Congress where members look like they have invested absolutely no time learning about new technologies in order to responsibly question tech companies.”
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