For two US representatives from the Republican Party, the legal status of airdrops is unclear. That is why they are calling on Securities and Exchange Commission (SEC) Chairman Gary Gensler to provide them with a clear and concise answer on the subject.
SEC 'putting its two cents in' on airdrops, say Republican lawmakers
Several Republican lawmakers drafted and signed a letter to Securities and Exchange Commission (SEC) Chairman Gary Gensler. Through this document, they ask the highest official of the American financial markets authority to provide a clear and detailed answer on how the SEC views airdrops by September 30.
Among the signatories of the letter, we find: Republican Patrick McHenrychairman of the House Financial Services Committee, and theRepublican Congressman Tom Emmer.
đ To learn more â What is a cryptocurrency airdrop and how to be eligible?
In their letter, they state that SEC 'puts its two cents in' on airdropswhich would harm their smooth running:
By creating a hostile regulatory environment,
including making statements about airdrops in various situations and increasing warnings and measures against the crypto industrythe SEC is putting its two cents in and preventing American citizens from shaping the next iteration of the Internet.
The two Republican lawmakers who signed the letter are referring in particular in a case between the SEC and Justin Sun. The US authority filed a complaint in March 2023 against the founder of TRON, judging that he had promoted a “large-scale wash trading program” without having the necessary authorizations..
For the signatories, the developers of the project ” were forced to block Americans from receiving their cryptocurrencies as part of this airdrop ” Patrick McHenry and Tom Emmer also specify ” that by banning Americans from participating in airdrops, the SEC is preventing cryptocurrency users from fully enjoying the benefits of blockchain ».
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SEC Chairman Gary Gensler in Republican Party's Crosshairs
In recent years, Patrick McHenry and Tom Emmer did not hesitate to criticize the approach taken by Gary Gensler in the regulation of the cryptocurrency industry.
SEC Chairman Judges That Most cryptocurrencies can be compared to securitiesand made sure that crypto platforms be validated by the authority so that they can conduct their activities on American soil.
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This approach is not appreciated within the Republican Party. Lawmakers from this political side have been trying for several months to pass a clear law in favor of cryptocurrencies. However, There are strong disagreements with Democratic lawmakers who adopt a more conservative position on the matter.
For his part, Donald Trump, candidate for the presidential election scheduled for November 5said that he would fire Gary Gensler the moment he returns to the White House. In recent weeks, He did not fail to announce several measures in favor of Bitcoin and cryptocurrencies, unlike her Democratic rival Kamala Harrismore reserved on the subject.
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Source: Tom Emmer on X
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Surprised by the rise of crypto-assets in the late 2010s, I started to closely follow this sector that fascinates me to the highest degree. When I am not in football stadiums, rugby or handball halls, I work on writing relevant articles about cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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