1 year ago
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LITTLE ROCK, Ark. – Arkansas Attorney General Tim Griffin has joined a multistate coalition opposing a proposed Security and Exchange Commission rule on cryptocurrencies, saying those rules should come from Congress.
Griffin joined with 12 other states attorneys general in sending a letter to the SEC opposing a proposed rule that would expand its regulation role.
Current SEC rules allow the agency to regulate investment advisors who directly or indirectly holds a client’s fund or securities. The newly proposed rule would give the SEC authority to expand its regulation to non-securities, including cryptocurrencies.
In the letter, Griffin said the SEC should decline the proposed rule because it does not have the legal authority to regulate assets that are not securities. The attorney general made it a point that regulation of crypto is for Congress and the states to decide.
Instead of adopting the rule, the group AGs suggest that the SEC wait for Congress to provide direction.
“Congress authorized the SEC to regulate securities,” Griffin wrote in the letter. “But it wants to go beyond that to aggressively reinterpret its authority to ...
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