📢 Representative Tom Emmer and House Financial Services Committee Chairman Patrick McHenry asked Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), to explain the SEC’s stance on crypto airdrops before the end of this month.
Key Points:
Lawmakers have expressed concerns about the SEC’s approach to airdrops, especially after the agency called them “unregistered securities” in lawsuits against Hydrogen Technology Corporation and Justin Sun.
They believe the SEC's actions are stifling innovation and preventing Americans from participating in shaping the next generation of the internet.
The letter posed five key questions to Gensler, including how the Howey test applies to airdrops and the economic impact if they are classified as securities.
💬 “By preventing Americans from participating in airdrops, the SEC is preventing crypto users from fully exploiting the benefits of blockchain technology,” Emmer and McHenry wrote.
It was the second time this week that Republican lawmakers have criticized Gensler, accusing him of possible political bias in SEC hiring practices.
