Minnesota Representative Tom Emmer and House Financial Services Committee Chairman Patrick McHenry wrote a letter asking SEC Chairman Gary Gensler to clarify whether cryptocurrency airdrops are securities transactions.

- Emmer argues that the SEC has prevented Americans from participating in the development of the next generation internet.

- Airdrops play an important role in encouraging participation and development of blockchain applications.

- The SEC has suggested that airdrops could be considered securities, raising concerns about misapplication of securities laws.

The letter asks for a response from the SEC by September 30. 📅