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."
CFTC Commissioner Dawn D. Stump urged greater cross-border collaboration in order to operate and build a more resilient clearing system.
Republican members of the Senate Banking Committee questioned the policies and procedures of the Financial Stability Oversight Council for designating non-bank systemically important financial institutions, and urged Treasury Secretary Steven Mnuchin to end "Too Big to Fail."