US Officials and Senators Clash Over Crypto Regulations Amid SEC Lawsuits.

Republican Senator Bill Haggerty warns SEC Chair Gary Gensler to expect to hear from Congress as the SEC faces backlash for allegedly weaponizing itself to destroy the crypto industry. The warning comes after the SEC filed lawsuits against Coinbase and Binance for violating securities laws. Another Republican Senator, Cynthia Lummis, criticized the SEC for failing to provide a path for digital asset exchanges to register and for not providing adequate legal guidance on differentiating securities from commodities. Lummis called for Congress to pass the Lummis-Gillibrand Responsible Financial Innovation Act to create a robust legal framework for exchanges to comply with.