There was intense debate at the U.S. Congress hearing on cryptocurrency regulation issues

ChainCatcher news, according to The Block, there was a heated debate in the U.S. Congress during a hearing regarding cryptocurrency regulation issues. Although some companies have received permission from the U.S. Securities and Exchange Commission (SEC) to legally custody crypto assets, many crypto firms and lawmakers still criticize the SEC's regulatory approach.

Robinhood's Chief Legal Officer Dan Gallagher stated that the company had suggested adjustments to the rules during discussions with the SEC regarding its crypto business, but the communication ultimately broke down. Meanwhile, Democratic Congressman Stephen Lynch stated that the rules are clear and that crypto companies should not selectively comply. The crypto industry accuses the SEC of selective enforcement and claims that its policies harm innovation and U.S. competitiveness.