A DeFi Fund and an apparel company sued the SEC to prevent it from taking any action against the clothing company's recent "airdrop" of tokens. They argued that the SEC "has adopted an aggressive and expansive view of its own authority to regulate virtually all digital assets and transactions involving digital assets."
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Senate Banking Committee Ranking Member Tim Scott raised concerns about SEC-proposed rules that expand the dealer registration requirement as to transactions in U.S. Treasury securities.
SEC Commissioner Hester M. Peirce criticized the SEC for pursuing a federal case against a crypto asset company for registration failures which ultimately resulted in the "demise of the company."
Senate Banking Committee Chair Sherrod Brown (D-OH) pressed Treasury, the SEC and the CFTC to take further action to remedy disclosure deficiencies associated with digital asset tokens and digital asset platforms.
At a hearing before the Senate Appropriations Subcommittee on Financial Services, Senator Joe Manchin (D-WV) challenged SEC Chair Gary Gensler on his intention to move forward on the proposed Climate Disclosure rule.