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U.S. Congress Calls for Stricter Regulation of the Cryptocurrency Industry, 2026/03/27 12:45:57
Members of the U.S. Congress, Stephen Lynch and Bryan Steil, have urged the Securities and Exchange Commission (SEC) to enhance its oversight of the cryptocurrency sector, citing risks to investors.
Lynch expressed that, despite the potential of innovative technologies, he is concerned about the regulatory changes surrounding cryptocurrencies. He noted that during Donald Trump’s administration, the SEC disbanded several divisions that were focused on investigating fraud cases involving digital assets, including FinHub.
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The Democrat also criticized the discontinuation of several cases against crypto companies. Specifically, the SEC closed its investigation into the OpenSea platform, withdrew its lawsuit against Robinhood, and halted its inquiry into Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) collection.
Bryan Steil, who leads the subcommittee on digital assets, financial technologies, and artificial intelligence within the House Financial Services Committee, also voiced concerns regarding the regulators’ readiness to oversee digital assets. He emphasized that Congress must provide legal clarity and expedite the consideration of the bill regarding the structure of the crypto market.
Previously, the SEC and the U.S. Commodity Futures Trading Commission (CFTC) released a joint statement indicating that the SEC regulates digital securities, including tokenized assets. However, stablecoins and non-fungible tokens (NFTs) are not classified as securities. Digital commodities, including cryptocurrencies, fall under the jurisdiction of the CFTC.
