Congressman Tom Emmer is pushing the U.S. Securities and Exchange Commission (SEC) to come up with clear rules for digital asset airdrops, arguing that current regulatory uncertainty is stifling innovation and discouraging Americans from participating in blockchain projects. He emphasized the importance of airdrops in decentralizing networks and shaping the future of blockchain, criticizing the SECâs approach under Chairman Gary Gensler for limiting the United Statesâ ability to compete in the digital economy.
Tom Emmer Criticizes SECâs Handling of Digital Airdrop Regulations
House Majority Whip Tom Emmer (R-MN) called for clarity on digital asset airdrops in a letter on September 17, 2024, co-written with House Financial Services Committee Chairman Patrick McHenry (R-NC). The letter, addressed to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler, urged the agency to clarify its regulatory stance on airdrops.
Emmer criticized Gensler's leadership, claiming that his handling of the SEC has stifled innovation and hurt the United States' competitiveness in the digital space. He emphasized the need for clear and consistent rules to encourage growth and participation in blockchain technology. "Under Chairman Gensler's tenure, the SEC has interfered and prevented Americans from shaping the next version of the internet," the lawmaker said.
He emphasized the important role of airdrops in blockchain interaction and network development, stating:
Airdrops play an important role in incentivizing participation in blockchain-based applications, thereby contributing to the continued development, initial governance, and eventual decentralization of these networks.
The lack of regulatory clarity has forced many developers to block Americans from participating in airdrops, even if they have contributed to the project. Emmer expressed concern that SEC policies are preventing US participation in these projects, which could lead to a reduction in US influence in shaping the future of blockchain technology. He emphasized:
Chairman Gensler's tenure at the SEC was marked by regulatory enforcement and resulted in widespread unrest and fewer opportunities for Americans.
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